Resource Prices, Supply Shocks and Output Fluctuations
Applied Economics Letters
Following King and Plosser's (1984) suggestion, we use the growth of four real natural resource prices to proxy post-war supply shocks and assess their importance in a VAR which controls for aggregate demand influences on real output. We find that these supply shock proxies are able to account for a sizable portion of US post-war output fluctuations.
Taylor & Francis
Boyd, Roy and Caporale, Tony, "Resource Prices, Supply Shocks and Output Fluctuations" (1995). Economics and Finance Faculty Publications. 19.