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Federal Reserve Bank of Cleveland
Economic Commentary
Oil prices, monetary policy, and the macroeconomy
Charles T. Carlstrom
Timothy S. Fuerst
Abstract

Recessions are associated with both rising oil prices and increases in the federal funds rate. Are recessions caused by the spikes in oil prices or by the sharp tightening of monetary policy? The authors discuss how to disentangle these two effects.


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Charles T. Carlstrom & Timothy S. Fuerst, "Oil prices, monetary policy, and the macroeconomy" , Federal Reserve Bank of Cleveland, Economic Commentary, issue Jul, 2005.
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Keywords: Petroleum products - Prices ; Monetary policy
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