Joint research unit 7235

Slow oil shocks and the “weakening of the oil price macroeconomy relationship”

Théo Naccache

Many papers have been documenting and analysing the asymmetry and the weakening of the oil price – macroeconomy relationship as off the early eighties. While there seems to be a consensus about the factors causing the asymmetry, namely adjustment costs which offset the benefits of low energy prices, the debate about the weakening of the relationship is not over yet. Moreover, the alternative oil price specifications which have been proposed by Mork (1989), Lee et al. (1995), and Hamilton (1996) to restore the stability of the relationship fail to Granger cause output or unemployment in post-1980 data. By using the concept of accelerations of the oil price, we show that the weakening of this relationship corresponds to the appearance of slow oil price increases, which have less impact on the economy. When filtering out these slow oil price variations from the sample, we manage to rehabilitate the causality running from the oil price to the macroeconomy and show that far from weakening, the oil price accelerations – GDP relationship has even been growing stronger since the early eighties.

AGENDA

Tuesday 3 October 2023

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Daniel Zamora Vargas (Université Libre de Bruxelles)

Présentation de l’ouvrage : Welfare for Markets : a Global History of Basic Income” (co-écrit avec Anton Jäger)

Tuesday 3 October 2023

Présentation de l’ouvrage : Welfare for Markets : a Global History of Basic Income” (co-écrit avec Anton Jäger)

Daniel Zamora Vargas (Université Libre de Bruxelles)

Présentation de l’ouvrage : Welfare for Markets : a Global History of Basic Income” (co-écrit avec Anton Jäger)

Thursday 5 October 2023

Groupe de travail Economie Comportementale

Aurélie Bonein (Université de Rennes 1, CREM)

TBA

Thursday 5 October 2023

TBA

Aurélie Bonein (Université de Rennes 1, CREM)

TBA

Thursday 5 October 2023

The impact of climate variability on internal migration in Thailand.

Himani Pasricha

The impact of climate variability on internal migration in Thailand.

Thursday 5 October 2023

Doctorants

Himani Pasricha

The impact of climate variability on internal migration in Thailand.

Sunday 8 October 2023

Professeurs invités

Fayçal Hamdi

Sunday 8 October 2023

Professeurs invités

Tobias Kretschmmer

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