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How Closely are Oil Prices Tied to Economic Activity?
Recent
developments in oil markets and the global economy have, once again,
triggered concerns about the impact of oil price shocks around the
world. This column wonders whether the fuss is really necessary. It
presents evidence of relatively small negative effects of oil price
increases. Increases in international oil prices over the past couple
years, explained partly by strong growth in large emerging and
developing economies, have raised concerns that high oil prices could
endanger the shaky recovery in advanced economies and small
oil-importing…Read more...
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