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Question
What did James Hamilton's 1983 research find about the relationship between oil prices and US recessions?
1
That virtually every US recession since World War II had been preceded by a significant rise in oil prices
2
That oil price shocks are absorbed by the economy without causing recessions when monetary policy responds quickly
3
That oil price volatility, rather than oil price levels, is the main driver of recessionary risk
4
That oil price rises cause recessions by reducing corporate profit margins across all sectors
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