This PDF is a selection from a published volume from... National Bureau of Economic Research
... There are various channels through which changes of oil prices have effects on the economy. In our model economy, an oil price shock is reflected through the oil consumption. It generates income and substitution effect because oil is included in the consumption bundle of a typical household; that is, ...
... There are various channels through which changes of oil prices have effects on the economy. In our model economy, an oil price shock is reflected through the oil consumption. It generates income and substitution effect because oil is included in the consumption bundle of a typical household; that is, ...
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... wage and price controls would do something to reduce inflation tend to be frustrated. In policy decisions there are always lots of competing goals and purposes. There is a tremendous temptation when one has mandatory wage and price controls to indulge in policies that would over time be inflationary ...
... wage and price controls would do something to reduce inflation tend to be frustrated. In policy decisions there are always lots of competing goals and purposes. There is a tremendous temptation when one has mandatory wage and price controls to indulge in policies that would over time be inflationary ...
- Applied Mathematics in engineering, management and
... At present, OPEC members are: Organization of Petroleum Exporting Countries, abbreviated as OPEC, is an oil cartel which consists of Algeria, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Ecuador, Angola and Venezuela. OPEC international site is in Vienna in Austria ...
... At present, OPEC members are: Organization of Petroleum Exporting Countries, abbreviated as OPEC, is an oil cartel which consists of Algeria, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates, Ecuador, Angola and Venezuela. OPEC international site is in Vienna in Austria ...
Outlook for Commodities in Alaskan Export Markets: From Minerals to LNG
... Medium-Term, The ‘Emerging’ Markets Will Remain Supportive For Commodity Prices, With The ‘Bull Run’ Returning Huge Potential for Oil & Metal-Intensive Motor Vehicle Sales in China & India China’s population: 1.354 billion ...
... Medium-Term, The ‘Emerging’ Markets Will Remain Supportive For Commodity Prices, With The ‘Bull Run’ Returning Huge Potential for Oil & Metal-Intensive Motor Vehicle Sales in China & India China’s population: 1.354 billion ...
oil price volatility and economic activity
... effect on economic growth, while oil price decreases don’t affect macroeconomy. These results are completed by subsequent studies. Hamilton (1996) agreed with Hooker and found out that the majority of increases in oil prices since 1986 have been followed immediately by even larger decreases. Therefo ...
... effect on economic growth, while oil price decreases don’t affect macroeconomy. These results are completed by subsequent studies. Hamilton (1996) agreed with Hooker and found out that the majority of increases in oil prices since 1986 have been followed immediately by even larger decreases. Therefo ...
Fossil Fuel Asset Risk Analysis
... major commitment by the nation to curb its emissions12. The country will target peak CO2 emissions by 2030, and increase the non-fossil fuel share of its energy generation to 20% by 2030. These commitments signal the impending decline in demand for fossil fuel industry’s largest customer. ...
... major commitment by the nation to curb its emissions12. The country will target peak CO2 emissions by 2030, and increase the non-fossil fuel share of its energy generation to 20% by 2030. These commitments signal the impending decline in demand for fossil fuel industry’s largest customer. ...
NBER WORKING PAPER SERIES Junhee Lee Joonhyuk Song
... Early part of this paper will be devoted to investigate the changing patterns of the responses. Also, we will discuss whether monetary policy to oil price change has been operated optimally to stabilize the macroeconomy. For this purpose, we build a DSGE model with a Taylor type monetary policy wher ...
... Early part of this paper will be devoted to investigate the changing patterns of the responses. Also, we will discuss whether monetary policy to oil price change has been operated optimally to stabilize the macroeconomy. For this purpose, we build a DSGE model with a Taylor type monetary policy wher ...
Regional Economic Outlook: Middle East, North Africa
... percent this year before strengthening to 4¼ percent in 2017. Continued progress in reforms, lower fiscal drag, and stronger external demand, especially from the euro area, are expected to support the recovery. However, amid lingering structural impediments, medium-term growth is likely to remain to ...
... percent this year before strengthening to 4¼ percent in 2017. Continued progress in reforms, lower fiscal drag, and stronger external demand, especially from the euro area, are expected to support the recovery. However, amid lingering structural impediments, medium-term growth is likely to remain to ...
Global oil and gas transactions review 2015
... become less volatile will no longer be a viable option for many oil and gas companies, and, as a result, transaction volumes should increase in 2016 as companies re-evaluate their positions and strategies. We also expect that some companies under severe liquidity pressure will be forced to transact, ...
... become less volatile will no longer be a viable option for many oil and gas companies, and, as a result, transaction volumes should increase in 2016 as companies re-evaluate their positions and strategies. We also expect that some companies under severe liquidity pressure will be forced to transact, ...
Supply, Demand, Cartel or Speculation?
... effects. This paper examines four groups classifying a total of some thirty potential determinants of crude oil prices: fundamental factors, i.e. supply and demand, factors relating to the structure of the crude oil market (OPEC), and factors associated with the behavior of financial market particip ...
... effects. This paper examines four groups classifying a total of some thirty potential determinants of crude oil prices: fundamental factors, i.e. supply and demand, factors relating to the structure of the crude oil market (OPEC), and factors associated with the behavior of financial market particip ...
As oil prices have climbed over the last several
... For example, with the euro, the Canadian dollar, and the British pound all appreciating relative to the dollar over much of the last few months, the increases in the corresponding exchange rates have dampened the increases in the local-currency prices of oil originating from the rise in the dollar p ...
... For example, with the euro, the Canadian dollar, and the British pound all appreciating relative to the dollar over much of the last few months, the increases in the corresponding exchange rates have dampened the increases in the local-currency prices of oil originating from the rise in the dollar p ...
Publication - Oxford Institute for Energy Studies
... The right hand side is the elasticity of output with respect to energy use, while the left hand side is the share of energy expenditures in total output. So how much of an impact can this model account for in the US data? In most of the late 1970s the share of energy expenditures in total output was ...
... The right hand side is the elasticity of output with respect to energy use, while the left hand side is the share of energy expenditures in total output. So how much of an impact can this model account for in the US data? In most of the late 1970s the share of energy expenditures in total output was ...
The impact of monetary policy shocks on commodity prices Alessio Anzuini
... other channels, related to the opportunity cost of investing in real assets, according to which an expansionary monetary policy can cause an increase in commodity prices. Frankel (2007) summarizes them as: i) Low interest rates tend to reduce the opportunity cost of carrying inventories, increasing ...
... other channels, related to the opportunity cost of investing in real assets, according to which an expansionary monetary policy can cause an increase in commodity prices. Frankel (2007) summarizes them as: i) Low interest rates tend to reduce the opportunity cost of carrying inventories, increasing ...
Oil Price fluctuations and the Macroeconomic Impacts in GCC
... companies and foreign workers play large roles in the economy. Furthermore, OPEC production quota restrains oil exports (to some extent), and oil profits are the primary source of government revenue. Finally, the government has a policy of providing public services (housing, health care, education, ...
... companies and foreign workers play large roles in the economy. Furthermore, OPEC production quota restrains oil exports (to some extent), and oil profits are the primary source of government revenue. Finally, the government has a policy of providing public services (housing, health care, education, ...
business cycles in commodity economies
... in particular the massive drop in oil prices, have sparked renewed interest in this question. The concern among market participants and policy makers is not a minor one. Figure 1, taken from the October 2015 Fiscal Monitor Report by IMF (IMF, 2015), shows that countries who rely on non-renewable com ...
... in particular the massive drop in oil prices, have sparked renewed interest in this question. The concern among market participants and policy makers is not a minor one. Figure 1, taken from the October 2015 Fiscal Monitor Report by IMF (IMF, 2015), shows that countries who rely on non-renewable com ...
World Oil Demand in the short and long run: a cross
... behaviour over at least some sub-periods • But the ‘bubbles’ very short lived and infrequent • Could be slow learning fundamentals have changed ...
... behaviour over at least some sub-periods • But the ‘bubbles’ very short lived and infrequent • Could be slow learning fundamentals have changed ...
Global Oil Markets and India`s Vulnerability to Oil Shocks
... The oil shocks over time have been driven by different reasons and characteristics that destabilised the international oil markets in the course of the past four decades. The shock of early 1970s was due to the embargo imposed by Arab countries and the eventual formation of OPEC in 1973. The formati ...
... The oil shocks over time have been driven by different reasons and characteristics that destabilised the international oil markets in the course of the past four decades. The shock of early 1970s was due to the embargo imposed by Arab countries and the eventual formation of OPEC in 1973. The formati ...
How Can Commodity Producers Make Fiscal & Monetary Policy
... – because the limits tend to be violated, • in part because they are too rigid. ...
... – because the limits tend to be violated, • in part because they are too rigid. ...
changes. - Arkansas Economist
... large amounts of physical and human capital. Things are produced in a relatively efficient manner. Use of the latest technological knowledge. ...
... large amounts of physical and human capital. Things are produced in a relatively efficient manner. Use of the latest technological knowledge. ...
oil price shocks and economic growth in nigeria: are
... Theoretically, the real balance channel posits that oil price increases lead to higher inflation, with a given money supply, which lowers the amount of real balances. The lower real balances then produce recessions via the familiar monetary channel- increased interest rates leading to depressed inve ...
... Theoretically, the real balance channel posits that oil price increases lead to higher inflation, with a given money supply, which lowers the amount of real balances. The lower real balances then produce recessions via the familiar monetary channel- increased interest rates leading to depressed inve ...
Business Cycles: The Role of Energy Prices
... increases the world supply of savings, which puts downward pressure on interest rates. Lower interest rates could stimulate investment, partially offsetting the lost consumption spending, and partially restoring aggregate demand. The net result, however, is a reduction in aggregate demand. The reduc ...
... increases the world supply of savings, which puts downward pressure on interest rates. Lower interest rates could stimulate investment, partially offsetting the lost consumption spending, and partially restoring aggregate demand. The net result, however, is a reduction in aggregate demand. The reduc ...
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 ...
Comments on \Do We Really Know that Oil Caused the Great
... Not all of the paper is revisionist; indeed some of it is less so than it sounds: There is, I believe, wide agreement that money played a major part in what happened in the early to mid 1970s. Most observers would in particular agree to the following propositions (Much of what follows can, for examp ...
... Not all of the paper is revisionist; indeed some of it is less so than it sounds: There is, I believe, wide agreement that money played a major part in what happened in the early to mid 1970s. Most observers would in particular agree to the following propositions (Much of what follows can, for examp ...
Transportation Fuels Policy Since the OPEC Embargo: Paved with
... By the end of 1972, things were great for oil. Prices were on a steady downward trend, falling on average by over one percent per year from 1861 to 1972; coal was giving way to oil as a fuel for electricity generation; and, vehicle ownership was expanding. Figure 1 shows oil prices from 1861 to 1972 ...
... By the end of 1972, things were great for oil. Prices were on a steady downward trend, falling on average by over one percent per year from 1861 to 1972; coal was giving way to oil as a fuel for electricity generation; and, vehicle ownership was expanding. Figure 1 shows oil prices from 1861 to 1972 ...
True False Questions – set 2
... We now consider the futures options market for oil and gas. Suppose futures options calls and puts are available. In particular, futures options calls and puts in oil, with a strike price of $100 per barrel, are selling for $5,000 (per contract); futures options calls and puts in gasoline, with a st ...
... We now consider the futures options market for oil and gas. Suppose futures options calls and puts are available. In particular, futures options calls and puts in oil, with a strike price of $100 per barrel, are selling for $5,000 (per contract); futures options calls and puts in gasoline, with a st ...
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.""