Oil price shocks and the Portuguese economy since the 1970s
... 1979-80 that this variable began to be regarded as a crucial determinant of macroeconomic stability. The early studies documented and explained the inverse relationship between an increase in the oil price and aggregate economic activity. 1 2 A major illustration of the extent and relevance of this ...
... 1979-80 that this variable began to be regarded as a crucial determinant of macroeconomic stability. The early studies documented and explained the inverse relationship between an increase in the oil price and aggregate economic activity. 1 2 A major illustration of the extent and relevance of this ...
Understanding the Plunge in Oil Prices: Sources and
... oil from tight rock formations and tar sands profitable. These technologies employ hydraulic fracturing and horizontal drilling. Two key characteristics of the projects which use these new technologies are their very short lifecycle (2.5-3 years from development to full extraction) and relatively lo ...
... oil from tight rock formations and tar sands profitable. These technologies employ hydraulic fracturing and horizontal drilling. Two key characteristics of the projects which use these new technologies are their very short lifecycle (2.5-3 years from development to full extraction) and relatively lo ...
Oil Stabilization Funds
... funds. However, despite the quadrupling of oil prices in recent years the funds have accumulated low savings – the balance at end 2008 stood at 1.2% of GDP (Box 2.1). This reflects both the low accumulation limits set to the funds-about 1.2% of GDP or 145 billion pesos in 2008-, the use of excess re ...
... funds. However, despite the quadrupling of oil prices in recent years the funds have accumulated low savings – the balance at end 2008 stood at 1.2% of GDP (Box 2.1). This reflects both the low accumulation limits set to the funds-about 1.2% of GDP or 145 billion pesos in 2008-, the use of excess re ...
4 Impact of High Oil Prices on African Economies
... in the price of oil have led to worldwide economic recessions, such as the 1973 and 1979 energy crises. In many European countries, which have high taxes on fuels, such price shocks could potentially be mitigated by reducing the taxes as fuel costs rise. In many African countries, on the contrary, t ...
... in the price of oil have led to worldwide economic recessions, such as the 1973 and 1979 energy crises. In many European countries, which have high taxes on fuels, such price shocks could potentially be mitigated by reducing the taxes as fuel costs rise. In many African countries, on the contrary, t ...
The Oil Crisis of 1973 - DigitalCommons@Providence
... proved to be very committed to America overcoming the current Oil Crisis. He provided a more optimistic outlook on the current situation than many Americans were able to have on their own, stating that if all people were to work together and follow these new necessary regulations, the United States ...
... proved to be very committed to America overcoming the current Oil Crisis. He provided a more optimistic outlook on the current situation than many Americans were able to have on their own, stating that if all people were to work together and follow these new necessary regulations, the United States ...
Energy Prices and Aggregate Economic Activity
... inflation. When oil prices fall, however, real wages must rise to clear the markets. Because nominal wages can adjust upward freely, a monetary policy that fails to hold nominal GDP constant through unexpected disinflation need not be stimulative. Tatom (1988, 1993) and BGW provide some evidence tha ...
... inflation. When oil prices fall, however, real wages must rise to clear the markets. Because nominal wages can adjust upward freely, a monetary policy that fails to hold nominal GDP constant through unexpected disinflation need not be stimulative. Tatom (1988, 1993) and BGW provide some evidence tha ...
Who`s Afraid of a Big Bad Oil Shock? (Brookings Papers on
... The second challenge in studying oil-price shocks is to determine an appropriate shock variable. The standard approach in studies of oil prices and the macroeconomy has been to use either nominal or real oil prices in dollars.5 This approach is clearly defective, as it does not scale oil prices for ...
... The second challenge in studying oil-price shocks is to determine an appropriate shock variable. The standard approach in studies of oil prices and the macroeconomy has been to use either nominal or real oil prices in dollars.5 This approach is clearly defective, as it does not scale oil prices for ...
The Trade-off between dollar value and oil price on
... Since 1986, the exchange rate parity has been fixed at SAR 3.75 per USD, and the government has adopted a countercyclical fiscal policy to stabilize growth. During upswings in oil exports, the government runs a fiscal surplus. During downturns, the government utilizes its foreign exchange assets and ...
... Since 1986, the exchange rate parity has been fixed at SAR 3.75 per USD, and the government has adopted a countercyclical fiscal policy to stabilize growth. During upswings in oil exports, the government runs a fiscal surplus. During downturns, the government utilizes its foreign exchange assets and ...
Reading Graphs and Making Graphs
... by the rise/run. Thus, we can also say that on a ratio graph, equal slopes mean equal percentage growth rates. The log scale or ratio graph reveals more clearly than our earlier graph that stock prices increased from 1950 to the mid-1960s but were then flat throughout the 1970s and did not begin to ...
... by the rise/run. Thus, we can also say that on a ratio graph, equal slopes mean equal percentage growth rates. The log scale or ratio graph reveals more clearly than our earlier graph that stock prices increased from 1950 to the mid-1960s but were then flat throughout the 1970s and did not begin to ...
Modeling Oil Prices and Their Effects
... The proposed index is a direct measure of global economic activity that (1) does not require exchange-rate weighting, that (2) automatically aggregates real economic activity in all countries (including, e.g., China, India), and that (3) already incorporates shifting country weights, changes in the ...
... The proposed index is a direct measure of global economic activity that (1) does not require exchange-rate weighting, that (2) automatically aggregates real economic activity in all countries (including, e.g., China, India), and that (3) already incorporates shifting country weights, changes in the ...
OPEC`s Kinked Demand Curve
... exaggeration to say that every barrel in the world competes with every other.” ...
... exaggeration to say that every barrel in the world competes with every other.” ...
NBER WORKING PAPER SERIES OIL, AUTOMOBILES, AND THE U.S. ECONOMY:
... aggregate output to shortage adjusted oil price shocks appear just as great during the past two and a half decades as they were in the 1970s and early 1980s. On the other hand, even the new measures imply that the impact on nominal variables has become noticeably muted. Why has there been so little ...
... aggregate output to shortage adjusted oil price shocks appear just as great during the past two and a half decades as they were in the 1970s and early 1980s. On the other hand, even the new measures imply that the impact on nominal variables has become noticeably muted. Why has there been so little ...
IOSR Journal of Business and Management (IOSR-JBM)
... productions, and household sector, similarly energy like electricity is in different ways light for lightning and used in computer etc (Hamilton, 1983, 1996, 2003).High FP create huge crises during 1970s.Economic performance decline with the increase of CP demand and supply are highly affected by hi ...
... productions, and household sector, similarly energy like electricity is in different ways light for lightning and used in computer etc (Hamilton, 1983, 1996, 2003).High FP create huge crises during 1970s.Economic performance decline with the increase of CP demand and supply are highly affected by hi ...
Qatar Economic Insight
... The current account surplus is estimated to have narrowed marginally in 2014 on lower oil prices The current account surplus is estimated at 26.3% of GDP in 2014, down slightly from 2013 (30.8%). Oil prices fell sharply in the second half of 2014, resulting in an overall yearly price decline of 8.2% ...
... The current account surplus is estimated to have narrowed marginally in 2014 on lower oil prices The current account surplus is estimated at 26.3% of GDP in 2014, down slightly from 2013 (30.8%). Oil prices fell sharply in the second half of 2014, resulting in an overall yearly price decline of 8.2% ...
influens change in v..
... sector, increases with economic and population growth, and slow down when economic growth rates decline. The demand for oil is also affected by factors such as the exchange rate, depending on the country being a net importer or exporter of crude oil, and the rate of industrialization in developing c ...
... sector, increases with economic and population growth, and slow down when economic growth rates decline. The demand for oil is also affected by factors such as the exchange rate, depending on the country being a net importer or exporter of crude oil, and the rate of industrialization in developing c ...
Do crude oil price changes affect economic growth of
... GDP per capita over 9000$, the decrease in GDP growth rate can be on average 0.4%. A sustain increase of $10 per barrel in crude oil price reduces world GDP by 0.5% over all and further 0.5% for net oil importing countries. Keeping in view these reports about significant impacts of crude oil price o ...
... GDP per capita over 9000$, the decrease in GDP growth rate can be on average 0.4%. A sustain increase of $10 per barrel in crude oil price reduces world GDP by 0.5% over all and further 0.5% for net oil importing countries. Keeping in view these reports about significant impacts of crude oil price o ...
Chapter 3 - halsnarr
... Katrina shut down Gulf Coast refineries, pipe lines and Gulf of Mexico deep Gasoline water oil wells. S Demand for gasoline increases because people are trying to get out of harms way or they “hoard”. ...
... Katrina shut down Gulf Coast refineries, pipe lines and Gulf of Mexico deep Gasoline water oil wells. S Demand for gasoline increases because people are trying to get out of harms way or they “hoard”. ...
Oil price shocks: Demand vs Supply in a two
... sharp decrease in output an increase in inflation (both CPI and DI) and a decrease in real wages. The model matches the change in those variables experienced in USA after the 1973-74 shock. It does not match instead the sign of the movements in the same variables after the 2003 shock since USA exper ...
... sharp decrease in output an increase in inflation (both CPI and DI) and a decrease in real wages. The model matches the change in those variables experienced in USA after the 1973-74 shock. It does not match instead the sign of the movements in the same variables after the 2003 shock since USA exper ...
Impact from Changing Internal and External Conditions on Korea`s
... Meanwhile, analysis on the contribution of respective shock factors to consumer prices reveal that the ongoing disinflation since 2015 is mainly due to the changes in external factors. International oil prices slid by approx. 50% and 20% in 2015 and 2016, respectively, causing consumer prices to dro ...
... Meanwhile, analysis on the contribution of respective shock factors to consumer prices reveal that the ongoing disinflation since 2015 is mainly due to the changes in external factors. International oil prices slid by approx. 50% and 20% in 2015 and 2016, respectively, causing consumer prices to dro ...
Global inflation: how big a threat?
... the IMF is still projecting global growth to be above its historical trend over recent decades in 2008 and 2009, followed by a pickup in growth in 2010 (Chart 9). Chart 9 World economic growth, 1980 to 2010 Per cent ...
... the IMF is still projecting global growth to be above its historical trend over recent decades in 2008 and 2009, followed by a pickup in growth in 2010 (Chart 9). Chart 9 World economic growth, 1980 to 2010 Per cent ...
3 – The impact of lower oil prices on the UK economy
... Table 3.1 shows the average estimated impact of the fall in the oil price on the level of real GVA by sector between the years 2015 and 2020. Average impacts are smaller in Scenarios 2 and 3 than in Scenario 1 as in these scenarios the scale of the oil price decline is defined to be smaller. As we m ...
... Table 3.1 shows the average estimated impact of the fall in the oil price on the level of real GVA by sector between the years 2015 and 2020. Average impacts are smaller in Scenarios 2 and 3 than in Scenario 1 as in these scenarios the scale of the oil price decline is defined to be smaller. As we m ...
University of Otago Economics Discussion Papers No. 1503 Is New
... The remainder of the paper is organised as follows. Section 2 reviews the empirical literature that models the demand for oil imports and considers the Granger-causal relationship between oil imports and GDP, with particular emphasis on the studies that consider the NZ case. In Section 3, the data a ...
... The remainder of the paper is organised as follows. Section 2 reviews the empirical literature that models the demand for oil imports and considers the Granger-causal relationship between oil imports and GDP, with particular emphasis on the studies that consider the NZ case. In Section 3, the data a ...
Business Cycles and Oil Price Fluctuations: Some Evidence
... Due to problems of reallocations there may be tendencies towards asymmetric effects between oil importers and oil exporters. For an oil exporting country, various kinds of frictions and misallocation of resources may dampen the positive stimulus on the activity level stemming from an increase in the ...
... Due to problems of reallocations there may be tendencies towards asymmetric effects between oil importers and oil exporters. For an oil exporting country, various kinds of frictions and misallocation of resources may dampen the positive stimulus on the activity level stemming from an increase in the ...
Impact of macroeconomic factors on the global tea economy
... adverse weather experienced by some major tea producers and a steady growth in world demand, notably in emerging markets. It also occurred against the background of a general increase in commodity prices: crude oil, copper, zinc, coffee and as well as food prices and other major commodities, particu ...
... adverse weather experienced by some major tea producers and a steady growth in world demand, notably in emerging markets. It also occurred against the background of a general increase in commodity prices: crude oil, copper, zinc, coffee and as well as food prices and other major commodities, particu ...
Refineries
... 1.4%. However, these growth rates fell steeply during 2008 as a result of sharply rising fuel prices (crude oil traded at $100 per barrel on average for the year) as well as tighter economic conditions (i.e. rising costs of living and higher interest rates). The recession in 2009 significantly dampe ...
... 1.4%. However, these growth rates fell steeply during 2008 as a result of sharply rising fuel prices (crude oil traded at $100 per barrel on average for the year) as well as tighter economic conditions (i.e. rising costs of living and higher interest rates). The recession in 2009 significantly dampe ...
2000s energy crisis
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.