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131211s2001 mau||||fs|||| 000 0 eng d1 aBarsky, Robert
B.10aDo We Really Know that Oil Caused the Great Stagflation?
A Monetary Alternativeh[electronic resource] /cRobert B.
Barsky, Lutz Kilian. aCambridge, Mass.bNational Bureau of
Economic Researchc2001.1 aNBER working paper seriesvno.
w8389 aJuly 2001.3 aThis paper argues that major oil price
increases were not nearly as essential a part of the causal
mechanism that generated the stagflation of the 1970s as is
often thought. There is neither a theoretical presumption that
oil supply shocks are stagflationary nor robust empirical
evidence for this view. In contrast, we show that monetary
expansions and contractions can generate stagflation of
realistic magnitude even in the absence of suppl