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Energy Prices, Economic Performance and Monetary Policy

Some analysts have attempted to quantify the extent to which high energy prices have adversely affected the level of prices, output, productivity, investment and other economic developments. Considerable differences exist from these different approaches, which have in turn led to different conclusions as to the appropriate policy responses to major changes in energy prices. This paper reviews the theory and evidence developed earlier, and extends the empirical analysis to include the Netherlands. The production function analysis for the United States is re-examined and extended, and the experience in six foreign nations is analyzed. The implications of the 1979-1980 energy price shock are briefly examined and monetary policy actions in 1974 and 1979-1980 are contrasted with the theoretical conclusions for all seven countries.