Stagflation, a simultaneous increase in inflation and unemployment, is generally thought to result from exogenous oil shocks. In this paper, we investigate another potential source of stagflation focusing on tariffs. Relying on the estimation of structural VAR model with sign restrictions over...

Much of the literature examining the effects of oil shocks asks the question "What is an oil shock?" and has concluded that oil-price increases are asymmetric in their effects on the US economy. That is, sharp increases in oil prices affect economic activity adversely, but sharp decreases in oil...