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Modeling the effects of the 1973 OPEC oil embargo

Forums: Oil, Economics, Modeling, Opec, Price Elasticity
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pete9694
 
Reply Sun 3 Dec, 2017 04:47 pm
Hello,

I am writing a paper on the effects of the 1973 OPEC Oil Embargo on the US Economy. I was wondering what would be some good models/statistical tools that can be used to explain the effects of the price of oil on the US economy. The paper revolves around the price elasticity (or lack thereof) of oil. Any suggestions would be great.

Thanks
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AngleWyrm-paused
 
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Reply Tue 5 Dec, 2017 07:18 pm
The rate of inflation between price charged and value we expected it was worth at the time gives some information on elasticity. The history shows how inflation adjustment climbs going backward in time from the point at which dollars were assigned the value of 1 (present).

https://s6.postimg.org/zbxlgdkqp/variable_inflation.png
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