Title: Oil prices and Economic Growth in Developed Countries
Yutaka Kurihara

Abstract
This article examines the relationship between oil prices and economic growth. From both economic theory and empirical analysis, the relationship between oil prices and economic growth is unclear. Existing studies have shown that oil-exporting countries have enjoyed economic growth in general; however, the effects on the economies are different for oil-importing countries. Using empirical methods, oil price increases cause positive economic growth in the United States, European Union, and Japan. The empirical analysis also shows that appreciation of each domestic currency brings economic growth. However, VAR results show that these effects at best last long only one year or so.

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