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- Title
Monetary Policy, Output Growth and Oil Prices.
- Authors
Barrell, Ray; Delannoy, Aurélie; Holland, Dawn
- Abstract
The article explores the consequences of oil price shocks across the world. According to the author, high real oil prices are forecasted to reflect negatively on economic development in several nations. A chart is provided which shows the expected impact of the recent oil price increase on output and inflation in the U.S. and major European economies in 2011. Reduced output and a change in the terms of trade demonstrates that consumption in oil importing nations will have to decline.
- Subjects
PETROLEUM product sales &; prices; PRICE increases; PETROLEUM industry &; economics; BUSINESS forecasting; INDUSTRIAL productivity
- Publication
National Institute Economic Review, 2011, Vol 215, pF37
- ISSN
0027-9501
- Publication type
Article
- DOI
10.1177/0027950111401136