Oil Price Shocks Trigger Global Recession, Impacting GDP and Unemployment.
The article analyzes how changes in demand, supply, and oil prices affect GDP and unemployment in Germany, Norway, the UK, and the USA. By studying economic fluctuations in these countries, the researchers found that oil price shocks have negative impacts on output in all countries except Norway. The global recession in the 1970s was mainly caused by oil price shocks, while the recession in the early 1980s was due to other factors.