response to the recession; (b) domestic political economy factors, notably the pressure to act against unemployment in the US …

respect to sign, size and causes of the oil price shocks, as well as the state of the economy in which the shocks occur. We … as well as the state of the economy. Second, we find little evidence of asymmetric response of output to the sign of oil … on the oil price, the underlying causes of its variations as well as the state of the economy in which the oil price …