20 Christiano, L. J., M. S. Eichenbaum and M. Trabandt (2015), “Understanding the Great Recession”, American  Economic Journal: Macroeconomics, Vol. 7(1), 110—167. 21 See Gertler, M. and P. Karadi (2015), “Monetary Policy Surprises, Credit Costs, and Economic Activity”, American  Economic Journal: Macroeconomics, pp. 44–76.
One important change in the economic landscape that has limited the current effect of an energy shock compared with the effects in our earlier experience is that energy costs today are not nearly as important as they were during the 1970s, when the energy intensity of U.S. production was significantly higher.