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EMF 7: Macroeconomic Impacts of Energy Shocks

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  • Hillard Huntington
  • James L. Sweeney


This study examines how oil price volatility affects U.S. economic performance and its considerable significance for many of today’s decisions. How reduced prices have affected the economy?, What happens when oil supplies are threatened?, What policies appear promising for helping the economy to adjust?. These are some of the questions tackled in this EMF working group study.

The EMF 7 Study on Macroeconomic Impacts of Energy Shocks used a comparison of existing models of the U.S. economy and looked at the short- to medium-term effects of sudden increases and decreases in the price of imported oil. The group created scenarios by comparing hypothetical oil shocks: toil oil prices increases of different magnitudes, an oil price reduction, and an increase in domestic energy prices. These scenarios and findings are published in Volume 1 available below.

Volume 2 of Macroeconomic Impacts of Energy Shocks was published by Elsevier Science Publishers and its available directly from them.

Project Contact: 

Hillard Huntington


Macroeconomic Impacts of Energy Shocks Report (Volume 1)