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Real GDP in annual revisions to the U.S. National accounts: 1966-2011
On July 29, 2011, the U.S. Bureau of Economic Analysis (BEA) released a flexible annual revision to the U.S. national income and product accounts. Real GDP growth was subject to large downward revisions. I use the Philadelphia Fed's real-time data set to compare the size of the recent revision with that of past annual revisions since 1966.
The Role of Oil Price Shocks in Causing U.S. Recessions
Although oil price shocks have long been viewed as one of the leading candidates for explaining U.S. recessions, surprisingly little is known about the extent to which oil price shocks explain recessions. We provide a formal analysis of this question with special attention to the possible role of net oil price increases in amplifying the transmission of oil price shocks. We quantify the conditional recessionary effect of oil price shocks in the net oil price increase model for all episodes of net oil price increases since the mid-1970s. Compared to the linear model, the cumulative effect of ...