this is primarily a consequence of rising real per capita income, which more than doubled over the same period. We … investigate this hypothesis empirically by instrumenting for local area income with time-series variation in global oil prices … an increase in income on health expenditures. Our central estimate is an income elasticity of 0.7, with an elasticity of …

mass index (BMI). Using data from the 1986 and 1999-2005 Panel Study of Income Dynamics, we estimate semi-parametric wage …

account. We find that historical adjustment of eligibility ages for age inflation would have increased ages of eligibility by …

This paper shows that the effects on real income and the price level of the 1973-1974 oil price increase are quite … parameter values imply trivial reductions in real income and ambiguously signed changes in the price level. It is noted, however … extended Barro-Lucas real income equation are estimated for eight countries. Although statistically significant and substantial …

Japan suffered a very high inflation rate in 1973-74. The CPI inflation rate rose to near 30% in 1974, the highest rate …, the oil crisis is blamed for the 1973-74 high inflation. However, due to monetary policy decisions in 1972-73, the … inflation rate had already exceeded 10% before the onset of the oil crisis in October 1973. These decisions include the interest …

inflation. In the 2000s, and at least until the end of 2007, 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 (2007a) argued that this has … reflected in large part a change in the causal relation from the price of oil to output and inflation. In order to shed light on …

for the mild effects on inflation and economic activity of the recent increase in the price of oil: (a) good luck (i …