Munich Personal RePEc Archive

Oil Shocks: How Destabilizing are they?

Bhattacharya, Jyotirmoy (2008): Oil Shocks: How Destabilizing are they?

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This note examines Prabhat Patnaik's argument that the contemporary international financial system crucially requires the stability of oil prices in terms of the dollar. By comparing the macroeconomic impact of recent oil shocks to those of the 1970s, it argues that sharp changes in the dollar price of oil need not necessarily lead to instability.

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