Forty Years of Oil Price Fluctuations: Why the Price of Oil May Still Surprise Us

It has been 40 years since the oil crisis of 1973/74. This crisis has been one of the defining economic events of the 1970s and has shaped how many economists think about oil price shocks. In recent years, a large literature on the economic determinants of oil price fluctuations has emerged. Drawing...

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Bibliographic Details
Published in:	The Journal of economic perspectives 2016-01, Vol.30 (1), p.139-160
Main Authors:	Baumeister, Christiane, Kilian, Lutz
Format:	Article
Language:	English
Subjects:	1973-2014 Business cycles Causality Consumer Price Index Consumers Crises Crude oil Crude oil prices Economic crisis Economic expectations Economic fluctuations Economic history Economic policy Economics Economists Energy economics Financial market Financial markets Fluctuations Fuel oil prices Gasoline Global economy Inventory Market prices Markets Oil Oil price Oil price shocks Oil prices Oil production Petroleum Petroleum production Policy making Price fixing Price fluctuations Price increases Price level changes Prices Pricing policies Regulation of financial institutions Service stations Studies Supply Supply & demand Symposium: Oil and Gas Markets Volatility
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