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Federal Reserve Bank of Dallas
Working Papers
Energy prices and aggregate economic activity: an interpretive survey
Stephen P. A. Brown
Mine K. Yücel

In this paper, we survey the theory and evidence linking fluctuations in energy prices to aggregate economic activity. We then briefly examine the implications of this research for both monetary policy and energy policy in response to oil price shocks. Research seems to provide relatively reliable guidance for monetary policy. Because the precise channels through which oil price shocks affect economic activity are only partially known, however, research offers less guidance about how energy policy should cope with oil price shocks.

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Stephen P. A. Brown & Mine K. Yücel, Energy prices and aggregate economic activity: an interpretive survey, Federal Reserve Bank of Dallas, Working Papers 0102, 2001.
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Note: Published as: Brown, Stephen P.A. and Mine K. Yücel (2002), "Energy Prices and Aggregate Economic Activity: An Interpretative Survey," The Quarterly Review of Economics and Finance 42 (2): 198-208.
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Keywords: Energy policy; Monetary policy; Petroleum industry and trade
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