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A Brief Empirical Note on the Impact of Crude Oil Prices on Domestic Inflation: The Case of the United States, 1965-1999

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Abstract

This empirical study for the period 1965-1999 finds that a higher percentage rate of increase in the price of crude oil acts to increase domestic inflation in the United States. However, whereas this impact is statistically significant, the magnitude of the impact is modest. Therefore, the monetary authority in the United States should be careful to not overreact with contractionary policies simply because oil price inflation increases.

Suggested Citation

  • Cebula , Richard J., 2000. "A Brief Empirical Note on the Impact of Crude Oil Prices on Domestic Inflation: The Case of the United States, 1965-1999," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 53(4), pages 449-454.
    • Handle: RePEc:ris:ecoint:0230
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    Cited by:

    1. Cebula, Richard & McGrath, Richard & Saadatmand, Yassamand & Toma, Michael, 2001. "An Empirical Note on the Impact of the Price of Imported Crude Oil on Inflation in the United Kingdom," MPRA Paper 58075, University Library of Munich, Germany.
    2. Cebula, Richard & Saadatmand, Yassaman & Piccone, Yvonne, 2002. "An Empirical Note on the Inflation Impact of the Price of Imported Crude Oil: The Case of Germany," MPRA Paper 50887, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General

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