Resource Prices, Supply Shocks and Output FluctuationsApplied Economics Letters
AbstractFollowing King and Plosser's (1984) suggestion, we use the growth of four real natural resource prices to proxy post-war supply shocks and assess their importance in a VAR which controls for aggregate demand influences on real output. We find that these supply shock proxies are able to account for a sizable portion of US post-war output fluctuations.
PublisherTaylor & Francis
Citation InformationRoy Boyd and Tony Caporale. "Resource Prices, Supply Shocks and Output Fluctuations" Applied Economics Letters Vol. 2 Iss. 6 (1995)
Available at: http://works.bepress.com/tony_caporale/16/