![NBER WORKING PAPER SERIES OIL AND THE MACROECONOMY SINCE THE 1970s](http://s1.studyres.com/store/data/008233931_1-ed67e7c32910a9ff30fa8747629222e2-300x300.png)
NBER WORKING PAPER SERIES OIL AND THE MACROECONOMY SINCE THE 1970s
... without any apparent change in measured capital inputs. If true, this economic depreciation of capital should be reflected in lower prices for used equipment. There is, however, no real empirical support for this notion. For example, Hulten, Robertson, and Wykoff (1989) found that the price of used ...
... without any apparent change in measured capital inputs. If true, this economic depreciation of capital should be reflected in lower prices for used equipment. There is, however, no real empirical support for this notion. For example, Hulten, Robertson, and Wykoff (1989) found that the price of used ...
business cycles in commodity economies
... Finally, our model incorporates a sovereign wealth fund and fiscal policy, accounting for the fact that most oil revenues accrue to the government institutions. The estimated model is used address three related questions of high importance for policy: First, how important are oil price fluctuations ...
... Finally, our model incorporates a sovereign wealth fund and fiscal policy, accounting for the fact that most oil revenues accrue to the government institutions. The estimated model is used address three related questions of high importance for policy: First, how important are oil price fluctuations ...
Soheir Abouleinein, Heba El-Laithy and Hanaa Kheir-El
... purchased from the foreign partners of the Egyptian General Petroleum Corporation (EGPC) and other local investment companies; in addition to all related direct and indirect costs, such as the costs of refining, transportation, storing, import duties and taxes (Shehata 2008). As to the share of Egyp ...
... purchased from the foreign partners of the Egyptian General Petroleum Corporation (EGPC) and other local investment companies; in addition to all related direct and indirect costs, such as the costs of refining, transportation, storing, import duties and taxes (Shehata 2008). As to the share of Egyp ...
Eastern Mediterranean University Department of Economics
... The role of oil price shocks on macroeconomics variables emerged after the 1973 and 1979 oil price shocks that coincided with a period of high inflation, high unemployment and decelerating economic activities in a number of countries. Since then, macroeconomists have focused their attention on the m ...
... The role of oil price shocks on macroeconomics variables emerged after the 1973 and 1979 oil price shocks that coincided with a period of high inflation, high unemployment and decelerating economic activities in a number of countries. Since then, macroeconomists have focused their attention on the m ...
Oil and the Macroeconomy Since the 1970s
... of large increases in uncertainty about the price of oil. If uncertainty is an important channel by which oil price shocks cause recessions, we would expect to see a sharp drop in sales of energy-using durables such as cars after each major oil price change. Although there is some evidence that car ...
... of large increases in uncertainty about the price of oil. If uncertainty is an important channel by which oil price shocks cause recessions, we would expect to see a sharp drop in sales of energy-using durables such as cars after each major oil price change. Although there is some evidence that car ...
Analysis of the International Oil Price Fluctuations and Its Influencing
... crude oil production, which finally led to the daily production reduction of crude oil of 4 million barrels in Arabian countries (From October to December, 1973, the global petroleum supply dropped by 7%, in March, 1974, the supply was 5% lower than that in October, 1973), and the crude oil price in ...
... crude oil production, which finally led to the daily production reduction of crude oil of 4 million barrels in Arabian countries (From October to December, 1973, the global petroleum supply dropped by 7%, in March, 1974, the supply was 5% lower than that in October, 1973), and the crude oil price in ...
Oil Price Shocks Effect on Economic Growth
... relationship between oil price and economic growth. At that time, the U.S. was the dominant economy in the world, something that inevitably led macroeconomists to examine the country’s relation to oil price changes. Along the way, empirical literature started expanding its horizons, and economists b ...
... relationship between oil price and economic growth. At that time, the U.S. was the dominant economy in the world, something that inevitably led macroeconomists to examine the country’s relation to oil price changes. Along the way, empirical literature started expanding its horizons, and economists b ...
Rising Natural Gas Prices and Real Economic Activity
... tive, the hurricanes exacerbated recent trends in higher natural gas prices. In their August 9, 2005, Short-Term Energy Outlook (pre-Katrina), the U.S. Energy Information Administration (EIA) noted several factors that were expected to keep natural gas prices at high levels over the near term: The n ...
... tive, the hurricanes exacerbated recent trends in higher natural gas prices. In their August 9, 2005, Short-Term Energy Outlook (pre-Katrina), the U.S. Energy Information Administration (EIA) noted several factors that were expected to keep natural gas prices at high levels over the near term: The n ...
The economic impacts of newly discovered oil in Uganda, using a
... cocoa could apply for scholarships from the Cocoa Marketing Board. Now that the land is no longer used for cocoa production, students are no longer eligible for these scholarships. Other African countries with similar statistics include Sierra Leone, Chad, Nigeria, Angola and Mozambique. Another ou ...
... cocoa could apply for scholarships from the Cocoa Marketing Board. Now that the land is no longer used for cocoa production, students are no longer eligible for these scholarships. Other African countries with similar statistics include Sierra Leone, Chad, Nigeria, Angola and Mozambique. Another ou ...
2016 oil and gas industry survey Optimism emerges in the
... rates have slowed, dampening expectations for a return to long term real GDP trajectory norms. Since the third quarter of 2014, US real GDP growth fell from an annualized growth rate of five percent to a near zero rate of .08 percent in the first quarter of 2016. In tandem, world real GDP growth has ...
... rates have slowed, dampening expectations for a return to long term real GDP trajectory norms. Since the third quarter of 2014, US real GDP growth fell from an annualized growth rate of five percent to a near zero rate of .08 percent in the first quarter of 2016. In tandem, world real GDP growth has ...
prudent management of oil revenues: impacts of government capital
... capabilities. As a result, after the year 2000 substantial increases in oil production were realized. Thanks also to the rapidly increasing oil prices after 2000, the impacts of oil on the Azerbaijan economy became extremely powerful, inducing a true oil boom by about 2003, leading to real GDP growt ...
... capabilities. As a result, after the year 2000 substantial increases in oil production were realized. Thanks also to the rapidly increasing oil prices after 2000, the impacts of oil on the Azerbaijan economy became extremely powerful, inducing a true oil boom by about 2003, leading to real GDP growt ...
Natural Disasters
... location prone to experiencing natural disasters; the hill represents a location that is much less likely to experience natural disasters. Locating next to the river means that floods could destroy your house, whereas living on the hill means no floods. Suppose you prefer the river location. If you ...
... location prone to experiencing natural disasters; the hill represents a location that is much less likely to experience natural disasters. Locating next to the river means that floods could destroy your house, whereas living on the hill means no floods. Suppose you prefer the river location. If you ...
Transportation Fuels Policy Since the OPEC Embargo: Paved with
... at the end of 1908 sparked a new use for petroleum. Vehicle ownership rose sharply until the Great Depression, but then appears to have continued on the pre-Great Depression trend after World War II (Figure 3). Concerns about local pollution in the 1960s prompted shifts away from coal-fired electric ...
... at the end of 1908 sparked a new use for petroleum. Vehicle ownership rose sharply until the Great Depression, but then appears to have continued on the pre-Great Depression trend after World War II (Figure 3). Concerns about local pollution in the 1960s prompted shifts away from coal-fired electric ...
Full Paper Here - Center for Economic and Social
... Obviously, the prices of energy-intensive goods and services are linked to energy price, the price of oil is linked to some extent to the price of other fuels. The assessment concludes if low oil prices continue for a prolonged period of time, this could result in long-term reductions in the oil exp ...
... Obviously, the prices of energy-intensive goods and services are linked to energy price, the price of oil is linked to some extent to the price of other fuels. The assessment concludes if low oil prices continue for a prolonged period of time, this could result in long-term reductions in the oil exp ...
The Asymmetric Effects of Oil Shocks on an Oil
... the exogenous unexpected changes in oil price. The issue of endogeneity for the case of the U.S. has been studied by Kilian (2009). Given the size of the U.S. economy, it is important to differentiate unexpected changes in oil prices due to changes in the demand of oil from changes in oil prices due ...
... the exogenous unexpected changes in oil price. The issue of endogeneity for the case of the U.S. has been studied by Kilian (2009). Given the size of the U.S. economy, it is important to differentiate unexpected changes in oil prices due to changes in the demand of oil from changes in oil prices due ...
Oil Prices and the World Economy
... Over the past several decades, oil intensity — defined as the amount of oil used to produce a unit of output at purchasing power parities3 — has declined substantially in many European countries. In the United Kingdom and Germany, oil intensity has fallen by a third in the last 20 years, and by slig ...
... Over the past several decades, oil intensity — defined as the amount of oil used to produce a unit of output at purchasing power parities3 — has declined substantially in many European countries. In the United Kingdom and Germany, oil intensity has fallen by a third in the last 20 years, and by slig ...
GTAP Resource 4992 - Global Trade Analysis Project
... subsidies in Saudi Arabia would effectively leave each person approximately $680 per year worse off (IEA, 2015:101). However, if cars had the same fuel efficiency as those in the OECD, then the impact per person would be about $410 per year. Therefore changes to energy prices would slow down domesti ...
... subsidies in Saudi Arabia would effectively leave each person approximately $680 per year worse off (IEA, 2015:101). However, if cars had the same fuel efficiency as those in the OECD, then the impact per person would be about $410 per year. Therefore changes to energy prices would slow down domesti ...
Kazakhstan - The Real Currency and Growth Challenge for Commodity Producing Countries
... Furthermore, the relationship between oil prices and growth rate seems to lose significance when the declines in oil prices occur. Mork (1989), Hamilton (2003), Jimenez-Rodriguez and Sanchez (2005), Jimenez-Rodriguez (2009), Lardic and Mignon (2008), Yang and Lam (2008), Cologni and Manera (2009) fi ...
... Furthermore, the relationship between oil prices and growth rate seems to lose significance when the declines in oil prices occur. Mork (1989), Hamilton (2003), Jimenez-Rodriguez and Sanchez (2005), Jimenez-Rodriguez (2009), Lardic and Mignon (2008), Yang and Lam (2008), Cologni and Manera (2009) fi ...
NBER WORKING PAPER SERIES BRAZIL'S ALTERNATIVE ENERGY PROGRAM
... oil imported as a fraction of total oil consumption and production by the G7 economies has not changed very much since the 1970s. Second, renewable energy sources account for about approximately one percent of energy consumption in the G7 economies. Fortunately, Brazil provides a historical experime ...
... oil imported as a fraction of total oil consumption and production by the G7 economies has not changed very much since the 1970s. Second, renewable energy sources account for about approximately one percent of energy consumption in the G7 economies. Fortunately, Brazil provides a historical experime ...
The anatomy of three commodity booms
... industrial output that resulted from the war operations. Ample evidence is provided in Table 1 above, which shows an extremely strong macroeconomic performance in 1950 and 1951. The inflationary performance during the first boom follows a somewhat unusual path. The MUV index indicates very little infla ...
... industrial output that resulted from the war operations. Ample evidence is provided in Table 1 above, which shows an extremely strong macroeconomic performance in 1950 and 1951. The inflationary performance during the first boom follows a somewhat unusual path. The MUV index indicates very little infla ...
NBER WORKING PAPER SERIES
... clear that the sharp drop in output since then is due primarily to factors other than oil. Using data for 2008 would give an undue large role to the price of oil in decreasing output. For this reason, we have ended our sample at the end of 2007. ...
... clear that the sharp drop in output since then is due primarily to factors other than oil. Using data for 2008 would give an undue large role to the price of oil in decreasing output. For this reason, we have ended our sample at the end of 2007. ...
Qatar Economic Insight
... Hydrocarbons still play a key role in the Qatari economy, despite the ongoing diversification efforts. They accounted for nearly half of GDP in 2014 and a significant share of the government’s revenue and exports. LNG (Qatar’s main export) prices are indexed to crude oil benchmarks. Therefore, the e ...
... Hydrocarbons still play a key role in the Qatari economy, despite the ongoing diversification efforts. They accounted for nearly half of GDP in 2014 and a significant share of the government’s revenue and exports. LNG (Qatar’s main export) prices are indexed to crude oil benchmarks. Therefore, the e ...
Oil-exporting countries: key structural features, economic
... consumption and gross capital formation, has picked up only since 2004. Global factors, such as strong global growth, ample liquidity and low interest rates, have also contributed to the above-average growth performance. Growth in public consumption has been relatively moderate, pointing to a cautio ...
... consumption and gross capital formation, has picked up only since 2004. Global factors, such as strong global growth, ample liquidity and low interest rates, have also contributed to the above-average growth performance. Growth in public consumption has been relatively moderate, pointing to a cautio ...
Do Oil Prices Matter? The Case of a Small Open Economy*
... assume theoretical contributions are valid for any economy. ...
... assume theoretical contributions are valid for any economy. ...
2000s energy crisis
![](https://commons.wikimedia.org/wiki/Special:FilePath/Price_of_oil_(2003-2008).png?width=300)
From the mid-1980s to September 2003, the inflation-adjusted price of a barrel of crude oil on NYMEX was generally under $25/barrel. During 2003, the price rose above $30, reached $60 by 11 August 2005, and peaked at $147.30 in July 2008. Commentators attributed these price increases to many factors, including the falling value of the U.S. dollar, reports from the United States Department of Energy and others showing a decline in petroleum reserves worries over peak oil, Middle East tension, and oil price speculation.For a time, geo-political events and natural disasters indirectly related to the global oil market had strong short-term effects on oil prices, such as North Korean missile tests, the 2006 conflict between Israel and Lebanon, worries over Iranian nuclear plans in 2006, Hurricane Katrina, and various other factors. By 2008, such pressures appeared to have an insignificant impact on oil prices given the onset of the global recession. The recession caused demand for energy to shrink in late 2008, with oil prices falling from the July 2008 high of $147 to a December 2008 low of $32. Oil prices stabilized by October 2009 and established a trading range between $60 and $80.