Environmental concerns are leading many industrialized countries to consider measures which would reduce their consumption of oil, as well as other energy sources. The reluctance of the developing countries to join in these conservation efforts will reduce the policy's effectiveness. This paper...

Rising oil prices appear to retard aggregate U.S. economic activity by more than falling oil prices stimulate it. Past research suggests adjustment costs, financial stress, and/or monetary policy may be possible explanations for the asymmetric response. This paper uses a near vector...