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Energy Prices, Inflation, and Recession, 1974-1975

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  • Knut Anton Mork
  • Douglas E. Hall

Abstract

The rapid escalations of energy prices, in late 1973 and early 1974 and again in mid- and late-1979, have had major adverse impacts on the U.S. economy. The energy price shock of 1973-1974 played a dominant role, by most accounts, in bringing about the deep recession and high inflation of the mid-1970s. In the most recent period, the full impact is yet to be seen, but it does not appear to be minor. In a previous paper published in this journal, (volume 1, number 2, April 1980), we presented the results of our efforts to quantify the economic impact on the U.S. economy of the July 1979 oil price increases.

Suggested Citation

  • Knut Anton Mork & Douglas E. Hall, 1980. "Energy Prices, Inflation, and Recession, 1974-1975," The Energy Journal, , vol. 1(3), pages 31-63, July.
    • Handle: RePEc:sae:enejou:v:1:y:1980:i:3:p:31-63
    DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No3-2
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    References listed on IDEAS

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    1. Berndt, Ernst R & Wood, David O, 1975. "Technology, Prices, and the Derived Demand for Energy," The Review of Economics and Statistics, MIT Press, vol. 57(3), pages 259-268, August.
    2. Hall, Robert E, 1978. "The Macroeconomic Impact of Changes in Income Taxes in the Short and Medium Runs," Journal of Political Economy, University of Chicago Press, vol. 86(2), pages 71-85, April.
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    Cited by:

    1. Chia-Yon Chen & Adam Rose, 1990. "A Structural Decomposition Analysis of Changes in Energy Demand in Taiwan: 1971-1984," The Energy Journal, , vol. 11(1), pages 127-147, January.

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