inflation. This study focuses on the modern OPEC period since 1973. The results differ along a number of dimensions from the … sustained reduction in economic growth for a year. They also suggest a spike in CPI inflation three quarters after the exogenous … oil supply shock rather than a sustained increase in inflation, as is sometimes conjectured. Finally, the results of this …

cumulative inflation and real growth responses, some countries such as Italy, France and Japan have fared well when faced with … concentrated in the second year after the shock. (2) Inflation responses are more varied. The median CPI inflation response peaks … consumer price inflation. Evidence of sustained inflation (as in the case of Germany) therefore must reflect a favorable …