This paper offers a plausible explanation for the close link between oil prices and aggregate macroeconomic performance … able to replicate this link when actual oil prices are used to simulate the models. In particular, standard models cannot …

there is an asymmetric relationship between gasoline and oil prices - specifically, gasoline price changes follow oil price … changes more quickly when oil prices are rising than when they are falling. To explore this issue, Nathan Balke, Stephen Brown … and Mine Yucel use several different model specifications to analyze the relationship between oil prices and the spot …

High oil prices have brought happy days to the oil-producing parts of the district. …