Oil price rises and US GDP growth have ‘complex relationship’ – paper
Paper studies interaction of oil price and economic growth in US from 1875 to 2016
A working paper published by the Bank of Spain investigates the relationship between US GDP growth and the price of oil.
In Oil prices and economic growth: a long story? María Dolores Gadea, Ana Gómez-Loscos and Antonio Montañés use data sets covering the years 1875 to 2016. "From a multivariate perspective", they say, they do not observe a significant effect of either of the two data series on the other.
But, the authors say, they do find "a significant relationship in some sub-periods by
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