"Energy,
the Stock Market and the Putty-Clay Investment Model," (pdf), American
Economic Review, March 2003, 93(1), pp. 311-324.
"Energy, the Stock Market
and the Putty-Clay Investment Model,"(pdf
), an old version, revised March 26th, 2001. This version contains a
cross-industry event study that shows that the energy-intensive
industries were not the ones which suffered the greatest declines in the
market value in 1974. This result was cited by Hobijn
and Jovanovic (AER 2001).