A must read today from Macroblog: Are We Really Less Dependent On Oil?
I won't spoil it for you, but this is the kind of economics I just love - pouring through the data, testing theories and trying to come up with the best explanation possible. If the television show CSI featured economists, the plots would be like the above Macroblog post.
See also: How Dependent on Oil is the United States?
I won't spoil it for you, but this is the kind of economics I just love - pouring through the data, testing theories and trying to come up with the best explanation possible. If the television show CSI featured economists, the plots would be like the above Macroblog post.
See also: How Dependent on Oil is the United States?
Comments
Cool post.
But, in terms of the relationship between oil prices and recession, the article fails to mention the possibility of reverse causality – that recessions (and their components lead to a fall in energy prices – through reduced demand, or whathaveyou).
For more on the above, see;
http://www.cepr.org/pubs/dps/DP4496.asp