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Energy Prices and the U.S.Economy in 1979-1981

Knut Anton Mork and Robert E. Hall

Year: 1980
Volume: Volume 1
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No2-2
View Abstract

Abstract:
For the second time in the decade, the U.S. economy is absorbing a large sudden shock in the world price of oil. From late in 1978 to June 1979, OPEC raised the world price of oil by closeto $9 per barrel. Western industrial nations could face a repetition of the serious recession of 1974-75 on close to the same scale. The increase in the total cost of energy inputs induced by this oil price increase is about two-thirds of the increase in 1974. The potential disruption to the U.S. economy and others is a similar fraction of what occurred in the earlier episode.



Energy Prices, Inflation, and Recession, 1974-1975

Knut Anton Mork and Robert E. Hall

Year: 1980
Volume: Volume 1
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol1-No3-2
View Abstract

Abstract:
The rapid escalations of energy prices, in late 1973 and early 1974 and again in mid- and late-1979, have had major adverse impactson 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.



Electricity Demand in Primary Aluminum Smelting

Knut Anton Mork

Year: 1982
Volume: Volume 3
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol3-No3-5
View Abstract

Abstract:
Primary aluminum smelting is one of the giant energy users among the manufacturing industries. With current technology, the smelting is done by an electrolytic process requiring as much as 13 to 19 megawatt-hours (MWh) of direct-current electricity per metric ton of aluminum metal.



Comment on "Optimal Oil Producer Behavior Considering Macrofeedbacks"

Knut Anton Mork

Year: 1983
Volume: Volume 4
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No4-2
View Abstract

Abstract:
Harry Saunders's paper on the above subject in this issue of the Journal raises a very interesting point. As is well known, oil-exporting countries now hold major assets in the Western economies. Furthermore, the sensitivity of these economies to abrupt changes in oil prices seems widely accepted. It then seems reasonable to expect oil exporters' pricing decisions to be influenced by concerns about the rate of return on their assets. In particular, Saunders argues that oil exporters would want to avoid abrupt price changes because the ensuing shock effects would tend to reduce the rate of return on capital.





Efficient Pricing During Oil Supply Disruptions

Richard J. Gilbert and Knut Anton Mork

Year: 1986
Volume: Volume 7
Number: Number 2
DOI: 10.5547/ISSN0195-6574-EJ-Vol7-No2-4
View Abstract

Abstract:
Recent events in the oil market make it easy to forget the policy problems of dealing with supply interruptions. Realizing that history tends to repeat itself and that crises are not conducive to good decisions, it seems worthwhile, therefore, to examine the problem of efficient pricing in the wake of an oil price shock.



Book Review - The Mirage of Oil Protection

Richard L. Gordon

Year: 1989
Volume: Volume 10
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No3-12
No Abstract



Book Review - Investment Choices in Industry

James L. Paddock

Year: 1989
Volume: Volume 10
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No3-13
No Abstract





Business Cycles and the Oil Market

Knut Anton Mork

Year: 1994
Volume: Volume 15
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-NoSI-3
View Abstract

Abstract:
The last twenty years have seen a number of oil-price changes with macroeconomic effects. Oil price increases spur inflation and produce recessions. Oil price declines dampen inflation, but do not necessarily boost real activity. The correlations can be traced back to World War II. The paper gives a survey of oil market events with macroeconomic consequences. It also discusses hypotheses about the nature of the link and efforts to incorporate oil in macroeconomic models. Business cycle research has recently advanced sectoral imbalance and uncertainty as leading hypotheses to explain the apparent asymmetry in the macroeconomic effects of oil price changes.



Macroeconomic Responses to Oil Price Increases and Decreases in Seven OECD Countries

Knut Anton Mork, Oystein Olsen, and Hans Terje Mysen

Year: 1994
Volume: Volume15
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-No4-2
View Abstract

Abstract:
The correlations between oil-price movements and GDP fluctuations are investigated for the United States, Canada, Japan, Germany (West), France, the United Kingdom, and Norway. The responses to price increases and decreases are allowed to be asymmetric. Bivariate correlations as well as partial correlations within a reduced-form macroeconomic model are considered. The correlations with oil-price increases are negative and significant for most countries, but positive for Norway, whose oil-producing sector is large relative to the economy as a whole. The correlations with oil-price decreases are mostly positive, but significant only for the United States and Canada. Most countries show evidence of asymmetric effects, with Norway again as an exception.





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