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Cited by 363

The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.

WHY ARE THE 2000s SO DIFFERENT FROM THE 1970s? A STRUCTURAL INTERPRETATION OF CHANGES IN THE MACROECONOMIC EFFECTS OF OIL PRICES

Open access
Blanchard, Olivier J., Riggi, Marianna·2013·Journal of the European Economic Association
DOI 10.1111/jeea.12029
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Abstract

In the 1970s, large increases in the price of oil were associated with sharp decreases in output and large increases in inflation. In the 2000s, even larger increases in the price of oil were associated with much milder movements in output and inflation. Using a structural VAR approach, Blanchard and Gali (in J. Gali and M. Gertler (eds.) 2009, International Dimensions of Monetary Policy, University of Chicago Press, pp. 373–428) argued that this reflected a change in the causal relation from the price of oil to output and inflation. They then argued that this change could be due to a combination of three factors: a smaller share of oil in production and consumption, lower real wage rigidity, and better monetary policy. Their argument, based on simulations of a simple new-Keynesian model, was informal. Our purpose in this paper is to take the next step, and to estimate the explanatory power and contribution of each of these factors. To do so, we use a minimum distance estimator that minimizes, over the set of structural parameters and for each of two samples (pre- and post-1984), the distance between the empirical SVAR-based impulse response functions and those implied by a new-Keynesian model. Our empirical results point to an important role for all three factors.

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Metadata

Authors
Blanchard, O. J., & Riggi, M.
Venue
Journal of the European Economic Association
Publisher
Oxford University Press (OUP)
Published
2013-08-24
Volume
11
Issue
5
Pages
1032-1052
ISSN
1542-4766 (ISSN-L)
DOI
10.1111/jeea.12029
OpenAlex
W2329403633
Cited by
363
References
33
FWCI
149.73
Type
journal article
Language
en
Open access
green

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