russia`s oil export strategy: two markets, two faces
... production sites are remote and isolated, there is almost no infrastructure, and weather conditions vary between extreme cold in the winter (temperatures can get as low as -60°C) and intense heat in the summer (with temperatures reaching up to 40°C). Global warming, moreover, has led to severe perma ...
... production sites are remote and isolated, there is almost no infrastructure, and weather conditions vary between extreme cold in the winter (temperatures can get as low as -60°C) and intense heat in the summer (with temperatures reaching up to 40°C). Global warming, moreover, has led to severe perma ...
Oil Prices and Consumer Spending
... if oil price effects work primarily through allocative channels.5 Of course, oil price increases may affect aggregate spending through other widely known channels. For instance, because oil price increases lead to income transfers from countries that are net importers of oil, such as the United Stat ...
... if oil price effects work primarily through allocative channels.5 Of course, oil price increases may affect aggregate spending through other widely known channels. For instance, because oil price increases lead to income transfers from countries that are net importers of oil, such as the United Stat ...
UK Economic Outlook
... in particular. But lower global oil prices have been a positive factor from the perspective of UK consumers. UK growth has been driven primarily by services over the past five years, but manufacturing and construction have also been on an upward trend since early 2013 despite some slowdown in late 2 ...
... in particular. But lower global oil prices have been a positive factor from the perspective of UK consumers. UK growth has been driven primarily by services over the past five years, but manufacturing and construction have also been on an upward trend since early 2013 despite some slowdown in late 2 ...
Oil and US GDP: A Real-Time Out-of-Sample Examination Francesco Ravazzolo Philip Rothman
... The goal of this paper is to investigate the predictive relationship between oil prices and US GDP by way of a simulated out-of-sample (OOS) forecasting study. We are motivated to do so by the set of mixed and conflicting results reported by leading scholars in the extensive primarily in-sample (IS) ...
... The goal of this paper is to investigate the predictive relationship between oil prices and US GDP by way of a simulated out-of-sample (OOS) forecasting study. We are motivated to do so by the set of mixed and conflicting results reported by leading scholars in the extensive primarily in-sample (IS) ...
OIL PALM INDUSTRY
... Regrettably, Thailand’s output has increased only because of plantation area expansion and not from productivity enhancement. More than half of the production has been grown from the palm seed with low oil extraction yield of only 14-17%, compared to Malaysia’s 20% and Indonesia’s 22%. Also, most Th ...
... Regrettably, Thailand’s output has increased only because of plantation area expansion and not from productivity enhancement. More than half of the production has been grown from the palm seed with low oil extraction yield of only 14-17%, compared to Malaysia’s 20% and Indonesia’s 22%. Also, most Th ...
Country-Specific Oil Supply Shocks and the Global Economy: A
... the global economy in terms of their impacts on real output, oil prices, interest rates and real equity prices. It complements the extensive literature that exists on the e¤ects of global oil supply shocks investigated in a series of papers by Kilian (2008b, 2009), Hamilton (2009), and Cashin et al. ...
... the global economy in terms of their impacts on real output, oil prices, interest rates and real equity prices. It complements the extensive literature that exists on the e¤ects of global oil supply shocks investigated in a series of papers by Kilian (2008b, 2009), Hamilton (2009), and Cashin et al. ...
Do Oil Exports Fuel Defense Spending?
... boost. This wealth transfer caused other concerns. The increased energy prices forced Americans to change their lifestyles. Transportation costs rose, and firms had to raise prices of products despite the current economic troubles. The economy suffered from reduced demand for airline travel, manufac ...
... boost. This wealth transfer caused other concerns. The increased energy prices forced Americans to change their lifestyles. Transportation costs rose, and firms had to raise prices of products despite the current economic troubles. The economy suffered from reduced demand for airline travel, manufac ...
On the Sources and Consequences of Deren ÜNALMIŞ İbrahim ÜNALMIŞ
... current to future periods. Oil storage is performed by competitive, risk-neutral storers (speculators) who buy oil from oil producers at the spot price and optimally decide how much to sell or store. In the presence of oil storage, the market-clearing oil price becomes a function of availability (gi ...
... current to future periods. Oil storage is performed by competitive, risk-neutral storers (speculators) who buy oil from oil producers at the spot price and optimally decide how much to sell or store. In the presence of oil storage, the market-clearing oil price becomes a function of availability (gi ...
Oil Prices and Consumption across Countries and U.S. States
... across the first and the second year after the shock.4 The top half of Table 1 summarizes the results from the VAR specification that allows for asymmetric effects of oil shocks. The benchmark VAR does not impose any restriction on the joint contemporaneous comovement of oil production and oil price ...
... across the first and the second year after the shock.4 The top half of Table 1 summarizes the results from the VAR specification that allows for asymmetric effects of oil shocks. The benchmark VAR does not impose any restriction on the joint contemporaneous comovement of oil production and oil price ...
PDF
... Ethanol import tariff Another U.S. policy issue is the ethanol import tariff, which is 54 cents per gallon plus 2.5% of the import value. For an import value of about $1.50, the total import tariff becomes 58 cents per gallon compared with the current subsidy of 45 cents per gallon. Since imported ...
... Ethanol import tariff Another U.S. policy issue is the ethanol import tariff, which is 54 cents per gallon plus 2.5% of the import value. For an import value of about $1.50, the total import tariff becomes 58 cents per gallon compared with the current subsidy of 45 cents per gallon. Since imported ...
Monerary Policy Response to Oil Price Shocks
... forth BG07) - relates to the presence of real wage rigidity in an otherwise canonical NK model which introduces a time-varying wedge between natural and e!cient 5 output. In this case, stabilizing prices (targeting natural output) introduces ine!cient output variations and the divine coincidence do ...
... forth BG07) - relates to the presence of real wage rigidity in an otherwise canonical NK model which introduces a time-varying wedge between natural and e!cient 5 output. In this case, stabilizing prices (targeting natural output) introduces ine!cient output variations and the divine coincidence do ...
What drives oil prices? Emerging versus developed economies.
... Burbidge and Harrison (1984), Gisser and Goodwin (1986), Bjørnland (2000) and Hamilton (1996, 2003, 2009) among many others). Higher energy prices typically lead to an increase in production costs and inflation, thereby reducing overall demand, output and trade in the economy. Most of the research o ...
... Burbidge and Harrison (1984), Gisser and Goodwin (1986), Bjørnland (2000) and Hamilton (1996, 2003, 2009) among many others). Higher energy prices typically lead to an increase in production costs and inflation, thereby reducing overall demand, output and trade in the economy. Most of the research o ...
A Quantitative Analysis of Oil-Price Shocks, Systematic Monetary
... environment. In the sticky price version of the model, monetary policy affects the economy through an additional channel: by stimulating aggregate demand that firms then meet by raising output and increasing employment. Within this basic framework we embed a monetary authority that follows either a m ...
... environment. In the sticky price version of the model, monetary policy affects the economy through an additional channel: by stimulating aggregate demand that firms then meet by raising output and increasing employment. Within this basic framework we embed a monetary authority that follows either a m ...
Not All Oil Price Shocks Are Alike: Disentangling
... world economy and a sharp increase in precautionary demand. Typically, disruptions of crude oil production play a less important role, suggesting that the traditional approach of linking major oil price increases to exogenous shortfalls in crude oil production must be re-thought. When exogenous poli ...
... world economy and a sharp increase in precautionary demand. Typically, disruptions of crude oil production play a less important role, suggesting that the traditional approach of linking major oil price increases to exogenous shortfalls in crude oil production must be re-thought. When exogenous poli ...
Boom or gloom? Examining the Dutch disease in a two
... The oil and gas boom in the North Sea has been the principal, but by no means, only cause of this substantial growth. Strong rises in oil and gas prices have caused Norway’s terms of trade to double since 2001. These price rises have profound effects on the economy, as they constitute both a large s ...
... The oil and gas boom in the North Sea has been the principal, but by no means, only cause of this substantial growth. Strong rises in oil and gas prices have caused Norway’s terms of trade to double since 2001. These price rises have profound effects on the economy, as they constitute both a large s ...
Chapter 4 THE EFFECT OF OIL PRICE ON INDONESIAN OUTPUT
... developing country like Indonesia. The effect of increasing oil prices on output is always interesting to be studied, because of its multiple effects in growth and development of a country. ...
... developing country like Indonesia. The effect of increasing oil prices on output is always interesting to be studied, because of its multiple effects in growth and development of a country. ...
Oil Prices and the Global Economy
... Outlook). When demand and supply price elasticities are low, disturbances on either side of the market can result in sharp price fluctuations. Indeed, the oil market experienced large shocks during this period. Demand was affected by negative revisions to global economic prospects. Supply disturbanc ...
... Outlook). When demand and supply price elasticities are low, disturbances on either side of the market can result in sharp price fluctuations. Indeed, the oil market experienced large shocks during this period. Demand was affected by negative revisions to global economic prospects. Supply disturbanc ...
What drives oil prices? Emerging versus developed
... To answer these questions, we estimate a factor augmented vector autoregressive (FAVAR) model that includes separate activity factors for emerging and developed economies in addition to global oil production and the real price of oil. The advantage of this modeling strategy is that we can preserve t ...
... To answer these questions, we estimate a factor augmented vector autoregressive (FAVAR) model that includes separate activity factors for emerging and developed economies in addition to global oil production and the real price of oil. The advantage of this modeling strategy is that we can preserve t ...
... target of 30m barrels per day. The prospect of scaling down actual output to this level is probably all that will be raised. This means that on the one hand, OPEC can present a united front while at the same time pursuing a new target: putting a halt to rapidly increasing US oil production. As a res ...
What is the Welfare Social Cost of Oil Price?
... Before this date (back to 1920s) there was no global market for crude oil and the price of oil in the U.S. was regulated by the government agencies (such as the Texas Railroad Commission). This system ended in the beginning of 1970 when the U.S. ceased to be a net exporter of crude oil. ...
... Before this date (back to 1920s) there was no global market for crude oil and the price of oil in the U.S. was regulated by the government agencies (such as the Texas Railroad Commission). This system ended in the beginning of 1970 when the U.S. ceased to be a net exporter of crude oil. ...
VAR Models in Macroeconomic Research
... macroeconometric models working in the tradition of the Cowles commission, in which identification was achieved by excluding variables - most often lagged endogenous variables - without any theoretical or statistical justifications. The idea behind the traditional macroeconometric procedure was tha ...
... macroeconometric models working in the tradition of the Cowles commission, in which identification was achieved by excluding variables - most often lagged endogenous variables - without any theoretical or statistical justifications. The idea behind the traditional macroeconometric procedure was tha ...
the dynamic effects of aggregate demand, supply and oil price
... importing countries to the oil exporting countries. This reduction in income will induce the rational consumers in the oil importing countries to hold back on their consumption spending, which will reduce aggregate demand and output. However, to the extent that the increase in income in the oil expo ...
... importing countries to the oil exporting countries. This reduction in income will induce the rational consumers in the oil importing countries to hold back on their consumption spending, which will reduce aggregate demand and output. However, to the extent that the increase in income in the oil expo ...
OIL PRICES AND THE NEW CLIMATE ECONOMY
... are few short-term options to reduce consumption, and it has widespread knock-on effects on other key inputs to economic activity. Energy price volatility is therefore a major concern. It hurts the economy, delaying business investment, requiring costly reallocation of resources, reducing consumer e ...
... are few short-term options to reduce consumption, and it has widespread knock-on effects on other key inputs to economic activity. Energy price volatility is therefore a major concern. It hurts the economy, delaying business investment, requiring costly reallocation of resources, reducing consumer e ...
Oil Prices and the New Climate Economy
... are few short-term options to reduce consumption, and it has widespread knock-on effects on other key inputs to economic activity. Energy price volatility is therefore a major concern. It hurts the economy, delaying business investment, requiring costly reallocation of resources, reducing consumer e ...
... are few short-term options to reduce consumption, and it has widespread knock-on effects on other key inputs to economic activity. Energy price volatility is therefore a major concern. It hurts the economy, delaying business investment, requiring costly reallocation of resources, reducing consumer e ...
1973 oil crisis
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of the OPEC plus Egypt and Syria) proclaimed an oil embargo. By the end of the embargo in March 1974, the price of oil had risen from $3 per barrel to nearly $12. The oil crisis, or ""shock"", had many short-term and long-term effects on global politics and the global economy. It was later called the ""first oil shock"", followed by the 1979 oil crisis, termed the ""second oil shock.""