Blanchard, Olivier J.; Riggi, Marianna - 2009
inflation. In the 2000s, and at least until the end of 2007, even larger increases in the price of oil were associated with much … milder movements in output and inflation. Using a structural VAR approach Blanchard and Gali (2007a) argued that this has … reflected in large part a change in the causal relation from the price of oil to output and inflation. In order to shed light on …