Exchange Rate Experience Between the Oil Shocks,

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Exchange Rate Experience Between the Oil Shocks, 1973-1980 Megan Garcia; Jessica Hoffer First Oil Shock and Its Effects 1973-1975 War between Israel and Arab countries OPEC (Organization of Petroleum Exporting Countries International Cartel

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01
Exchange Rate Experience Between the Oil Shocks, 1973-1980 Megan Garcia; Jessica Hoffer<br>
02
First Oil Shock and Its Effects 1973-1975
War between Israel and Arab countries
OPEC (Organization of Petroleum Exporting Countries
International Cartel with the largest oil producers
Imposed oil embargo<br>
03
1974 By March 1974 oil prices soared to $12 a barrel from a previous $3.
This slowed down consumption and investment leading to the recession
Current accounts balance decreased
Unemployment increased
Increases in the price of petroleum products increased the oil price affecting wages<br>