A Brief Empirical Note on the Impact of Crude Oil Prices on Domestic Inflation: The Case of the United States, 1965-1999
This empirical study for the period 1965-1999 finds that a higher percentage rate of increase in the price of crude oil acts to increase domestic inflation in the United States. However, whereas this impact is statistically significant, the magnitude of the impact is modest. Therefore, the monetary authority in the United States should be careful to not overreact with contractionary policies simply because oil price inflation increases.
An Empirical Note on the Impact of the Price of Imported Crude Oil on Inflation in the United Kingdom
This study empirically investigates whether the assumption by the Bank of England that rising prices of imported crude oil lead to domestic inflation in the United Kingdom has had validity. In a model where real GDP growth and money stock growth are both all allowed for, empirical estimation reveals compelling evidence for the validity of this assumption. In particular, the greater the percentage increase in imported crude oil prices, the greater the domestic inflation rate. In addition, oil shocks involving imported crude oil price hikes of 40 percent or more in a given year further elevate the domestic inflation rate.
OIL IMPORTS AND INFLATION: AN EMPIRICAL INTERNATIONAL ANALYSIS OF THE ‘IMPORTED’ INFLATION THESIS
SUMMARY 
This paper examines the effects of rising oil prices and dependence upon imported oil on inflation. For the United States, Japan, the Federal Republic of Germany, Sweden, the United Kingdom, and Australia, it is found that the price of imported oil is a significant cause of inflation. Dependence upon imported oil also is an important cause of inflation in Japan, the United States, and West Germany.