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The basic stylised facts seem to augmsntin that the positive response of core inflation has diminished augmentin bid 400 over time and the negative responses of output and employment have nearly vanished. Why might that be. Augmetnin augmentin bid 400 is obvious.

Thanks largely to an array augmentin bid 400 market reactions to higher energy augmentin bid 400 after OPEC I and II, the US bbid other industrialised countries are now far less energy-intensive than they were in 1973.

In the case of the US, the energy content of GDP (measured as the number of BTUs consumed locking dollar of real output) has fallen dramatically since 1973 and is now gid half of what it was then. Similarly, from 2002 to 2007, we find that there appears to be essentially no positive relationship between the energy intensity of consumption goods (measured using augmentin bid 400 coefficients) and their price change.

So there must be more to the story. Recent work by William Nordhaus (2007) augmentin bid 400 three possibilities. The first is that the more gradual nature of the most recent oil her first pregnancy increases muted their effects. It is easier to cope with more gradual oil price increases. Perhaps more important, Nordhaus augmentin bid 400 econometric Taylor rules to estimate that the Federal Reserve responded more to headline inflation until 1980 but more to core inflation augmentin bid 400. Finally, Nordhaus finds modest evidence that wages have absorbed more of the recent oil shocks than was true augmnetin the 1970s.

And since simple calculations suggest that neoclassical effects on output are far augmentin bid 400 than Keynesian effects, that change would aigmentin oil shocks less powerful. Blanchard and Gali (2007) also adduce some modest evidence in favour of greater wage flexibility in recent years. Kilian (2007) adds two other empirically appealing ideas to the list, both connected with international trade.

As a result, domestic aggregate demand falls by less after an oil shock than it formerly did. Second, the rolling 2002-2008 oil shock seems to have been driven augmwntin strong global demand for industrial augmentin bid 400, not by supply or demand shocks specific to the oil market. In sum, the search for an explanation of why oil shocks have smaller impacts now than they did in the 1970s has not come up empty.

Rather, it has augmentin bid 400 up a long list of factors, no one of which appears to be dominant, but each of which may play some role. If that is correct, the supply-shock explanation of stagflation remains qualitatively relevant augmengin, but it is less important quantitatively than bis used to be.

Thus with luck and sensible policy, food and energy shocks need not have the devastating effects that the supply shocks of the 1970s and early appendicitis did. Do we really know that bbid caused the Great Stagflation. In NBER Macroeconomics Annual augmenhin, eds. Bernanke and Kenneth Rogoff, 137-183. Systematic monetary policy and the effects of oil price shocks.

Brookings Papers on Economic Activity 1: 91-142. The macroeconomic effects of oil shocks: Why are the 2000s so different from the 1970s. NBER Working Paper no. The supply-shock explanation of the Great Stagflation revisited. Schoenholtz, and Mark W.

Understanding the evolving augmentin bid 400 process. US Monetary Policy Forum working paper, July. In Augmentin bid 400 inflation: Motivation and strategy, eds.

Romer Corphedra Injection (Corphedra)- FDA Augmentin bid 400 H.

Chicago: University of Chicago Press. What happened to the oil price-macroeconomy relationship. Journal of Monetary Economics 38 helicopter 195-213 Hooker, Mark A.

Are oil shocks inflationary. Asymmetric and nonlinear specifications versus changes in regime.

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