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 ...
Eastern Mediterranean University Department of Economics
... disaggregated level however, the authors find strong evidence of a nonlinear and asymmetric relationship between oil price and output for industries that are energy intensive or produce goods that are energy intensive in use. Blanchard and Gali (2007) find that despite similar energy intensity level ...
... disaggregated level however, the authors find strong evidence of a nonlinear and asymmetric relationship between oil price and output for industries that are energy intensive or produce goods that are energy intensive in use. Blanchard and Gali (2007) find that despite similar energy intensity level ...
IOSR Journal of Economics and Finance (IOSR-JEF)
... long-run impact exists. Harri, Nalley and Hudson (2009) examine the price relationship through time of the primary agricultural commodities, exchange rates, and oil prices. Using overlapping time periods, the co-integration technique was employed to ascertain the relationship between prices and fluc ...
... long-run impact exists. Harri, Nalley and Hudson (2009) examine the price relationship through time of the primary agricultural commodities, exchange rates, and oil prices. Using overlapping time periods, the co-integration technique was employed to ascertain the relationship between prices and fluc ...
The Asymmetric Effects of Oil Shocks on an Oil
... An important assumption in our measure of shock is that it clearly captures 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 o ...
... An important assumption in our measure of shock is that it clearly captures 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 o ...
This PDF is a selection from a published volume from... National Bureau of Economic Research
... New York Mercantile Exchange (NYMEX) crude oil futures data, Guo and Kliesen (2005) found that oil price volatilities had significant adverse effects on investment, consumption, and the unemployment rate. The recent rise in oil price, however, can be viewed from a somewhat different perspective. In te ...
... New York Mercantile Exchange (NYMEX) crude oil futures data, Guo and Kliesen (2005) found that oil price volatilities had significant adverse effects on investment, consumption, and the unemployment rate. The recent rise in oil price, however, can be viewed from a somewhat different perspective. In te ...
4 Impact of High Oil Prices on African Economies
... For many developing countries, the increase in oil prices over the last few years has made structural reform of the domestic petroleum pricing system a critical component of their macroeconomic policies. Although in some countries oil price increases may have been partly offset by exchange rate move ...
... For many developing countries, the increase in oil prices over the last few years has made structural reform of the domestic petroleum pricing system a critical component of their macroeconomic policies. Although in some countries oil price increases may have been partly offset by exchange rate move ...
PDF
... scenarios and a dynamic model was utilized for the EIA scenarios. Both models were developed by members of the University of Hawaii Economic Research Organization (UHERO). While many recent analyses only examine impacts associated with longerterm trends based on EIA projections, it was concluded tha ...
... scenarios and a dynamic model was utilized for the EIA scenarios. Both models were developed by members of the University of Hawaii Economic Research Organization (UHERO). While many recent analyses only examine impacts associated with longerterm trends based on EIA projections, it was concluded tha ...
Oil and the Macroeconomy Since the 1970s
... change. Although there is some evidence that car sales fell after the shocks of 1974, 1979 and 1990, the drops are rather small by historical standards and occur only gradually. Moreover, in each case they merely represent the continuation of a decline that started well before the oil date. For exam ...
... change. Although there is some evidence that car sales fell after the shocks of 1974, 1979 and 1990, the drops are rather small by historical standards and occur only gradually. Moreover, in each case they merely represent the continuation of a decline that started well before the oil date. For exam ...
No: 2006-6 27 January 2006 SUMMARY OF THE MONETARY POLICY COMMITTEE DISCUSSIONS
... or not. As a matter of fact, inflation expectations also continued to improve in the last quarter of 2005. As of January 2006, the end-year inflation expectation is 5.7 percent. Although inflation declined by 1.6 points throughout 2005, inflation expectations for the next twelve months decreased by ...
... or not. As a matter of fact, inflation expectations also continued to improve in the last quarter of 2005. As of January 2006, the end-year inflation expectation is 5.7 percent. Although inflation declined by 1.6 points throughout 2005, inflation expectations for the next twelve months decreased by ...
Stockholm Institute of Transition Economics Russia`s Oil - S
... differences and growth rates, where the two latter are common transformations used when running regressions on time series that are not stationary in levels. The first observation from Table 1 is ...
... differences and growth rates, where the two latter are common transformations used when running regressions on time series that are not stationary in levels. The first observation from Table 1 is ...
Effects of Oil Price Drop in 2014 on Sudanese Economy
... in everyday life aspects by all countries. Oil being a commodity has its market and therefore its supply and demand. The sudden oil price drop in 2014 affected both net importing as well as exporting countries. Oil exporting countries, being revenue-makers from the production and exportation of oil, ...
... in everyday life aspects by all countries. Oil being a commodity has its market and therefore its supply and demand. The sudden oil price drop in 2014 affected both net importing as well as exporting countries. Oil exporting countries, being revenue-makers from the production and exportation of oil, ...
Oil Fund and the Instability of Macro-Economy in Oil
... instability arising from the volatility of oil revenue and bring the government to save part of oil revenues for future generations. The stabilization fund are expected to institutionalize a range of mechanisms to manage oil revenue that assist decision-makers to decide how much to save, how much to ...
... instability arising from the volatility of oil revenue and bring the government to save part of oil revenues for future generations. The stabilization fund are expected to institutionalize a range of mechanisms to manage oil revenue that assist decision-makers to decide how much to save, how much to ...
Medium Term Economic Effects of Peak Oil Today
... second year following the price increase. Induced inflation at that time is 0.3 percentage points on average in the EU27 and 0.5 percentage points in the US. wiiw (2003) additionally show that the oil price increase has implications for trade balances. The effect on the European trade balance is two ...
... second year following the price increase. Induced inflation at that time is 0.3 percentage points on average in the EU27 and 0.5 percentage points in the US. wiiw (2003) additionally show that the oil price increase has implications for trade balances. The effect on the European trade balance is two ...
Do Oil Prices Matter? The Case of a Small Open Economy*
... Since World War II severe supply shocks hit world economies by sharply increasing the price of oil and other energy products. All these episodes explain why oil price fluctuations have received so much attention for their presumed impact on macroeconomic performance. Theoretically several reasons ca ...
... Since World War II severe supply shocks hit world economies by sharply increasing the price of oil and other energy products. All these episodes explain why oil price fluctuations have received so much attention for their presumed impact on macroeconomic performance. Theoretically several reasons ca ...
NBER WORKING PAPER SERIES
... monetary policy. Conversely, when households and firms partly base their expectations on lagged inflation the driving force behind the changes between the two periods is a more effective anchoring of inflation expectations, which we interpret as an improvement in monetary policy credibility, with a ...
... monetary policy. Conversely, when households and firms partly base their expectations on lagged inflation the driving force behind the changes between the two periods is a more effective anchoring of inflation expectations, which we interpret as an improvement in monetary policy credibility, with a ...
NBER WORKING PAPER SERIES OIL AND THE MACROECONOMY SINCE THE 1970s
... continues to play an important role in discussions of the link between oil and the macroeconomy, there have been a number of new “oil price shocks” since the 1970s, notably the 1986 collapse of oil prices and the 2000 boom in oil prices as well as the oil price increases associated with the 1990-91 ...
... continues to play an important role in discussions of the link between oil and the macroeconomy, there have been a number of new “oil price shocks” since the 1970s, notably the 1986 collapse of oil prices and the 2000 boom in oil prices as well as the oil price increases associated with the 1990-91 ...
OPEC`s Kinked Demand Curve
... In 1954, sales agreements became the principal focus of the Justice Department's anti-trust case against the oil companies. In 1960, the corporations signed a consent decree promising not to engage in any further explicit market-division practices. (p. 178; emphasis added) This also stabilized pric ...
... In 1954, sales agreements became the principal focus of the Justice Department's anti-trust case against the oil companies. In 1960, the corporations signed a consent decree promising not to engage in any further explicit market-division practices. (p. 178; emphasis added) This also stabilized pric ...
Vulnerability, Resilience and Reform: The GCC and the Oil Price
... neighbors) (table 1). Like other GCC countries, the state remains the primary employer for nationals in the UAE, and public spending maintains a pivotal role inside the economy as an engine of growth, including of private sector activity. The UAE thereby illustrates that the single most important fa ...
... neighbors) (table 1). Like other GCC countries, the state remains the primary employer for nationals in the UAE, and public spending maintains a pivotal role inside the economy as an engine of growth, including of private sector activity. The UAE thereby illustrates that the single most important fa ...
Modelling Iran’s Business Cycles Based on Oil Price Shocks
... of the time path of real GDP. It also attempts to model output and looks at its ability to identify the turning points of Iranian business cycles. The model, in short, explains the movements of real output. This paper also examines how unforeseen shocks have an impact on the path of output. To achie ...
... of the time path of real GDP. It also attempts to model output and looks at its ability to identify the turning points of Iranian business cycles. The model, in short, explains the movements of real output. This paper also examines how unforeseen shocks have an impact on the path of output. To achie ...
The Effectiveness of Japan`s Negative Interest Rate Policy
... supply. Unconventional energy resources, such as shale oil, shale gas, and oil sands, have increased the global oil supply. Massive discoveries of oil in North Dakota and Texas in the United States (US) have driven down prices, and even amid tensions in the Middle East, roughly 3 million barrels mor ...
... supply. Unconventional energy resources, such as shale oil, shale gas, and oil sands, have increased the global oil supply. Massive discoveries of oil in North Dakota and Texas in the United States (US) have driven down prices, and even amid tensions in the Middle East, roughly 3 million barrels mor ...
Name Dates Characteristics Panic of 1797 1796–1799 Just as a
... the shift to a peacetime economy. The recession was short, but extremely painful. The year 1920 was the single most Jan 1920 – deflationary year in American history; production, however, did not fall as much as might be expected from the deflation. GNP July 1921 may have declined between 2.5 and 7 p ...
... the shift to a peacetime economy. The recession was short, but extremely painful. The year 1920 was the single most Jan 1920 – deflationary year in American history; production, however, did not fall as much as might be expected from the deflation. GNP July 1921 may have declined between 2.5 and 7 p ...
The Impact of Higher Oil Prices on the Global Economy
... The current market conditions and the near term outlook for oil reflect the interplay of production, stocks and consumption. Over the past two years global economic growth has greatly strengthened—from a rate of 2.6 percent in 1998 to 3.4 percent in 1999 and to an estimated 4.7 percent in 2000. As a ...
... The current market conditions and the near term outlook for oil reflect the interplay of production, stocks and consumption. Over the past two years global economic growth has greatly strengthened—from a rate of 2.6 percent in 1998 to 3.4 percent in 1999 and to an estimated 4.7 percent in 2000. As a ...
NBER WORKING PAPER SERIES OIL, AUTOMOBILES, AND THE U.S. ECONOMY:
... 46 percent. Between 1982 and 1985, the nominal price of gasoline grew only modestly until Saudi Arabia abandoned production quotas and the price of crude oil plunged. Real gasoline prices continued to trend lower after 1985, and, by the end of the 1990s, real gasoline prices had receded to record lo ...
... 46 percent. Between 1982 and 1985, the nominal price of gasoline grew only modestly until Saudi Arabia abandoned production quotas and the price of crude oil plunged. Real gasoline prices continued to trend lower after 1985, and, by the end of the 1990s, real gasoline prices had receded to record lo ...
Kazakhstan - The Real Currency and Growth Challenge for Commodity Producing Countries
... rouble was allowed to float. To keep export competitiveness, Kazakhstan was forced to follow the same practice. After abandoning the fixed exchange rate regime, Kazakhstan have chosen a policy where the central bank and government agree on inflation targets (Monetary Policy Guidelines, National Bank ...
... rouble was allowed to float. To keep export competitiveness, Kazakhstan was forced to follow the same practice. After abandoning the fixed exchange rate regime, Kazakhstan have chosen a policy where the central bank and government agree on inflation targets (Monetary Policy Guidelines, National Bank ...
Oil and the Macroeconomy Since the 1970s
... the macroeconomy, there have been a number of new “oil price shocks” since the 1970s, notably the 1986 collapse of oil prices and the 2000 boom in oil prices as well as the oil price increases associated with the 1990 –1991 Gulf war and the 2003 Iraq war. Given this richer case history, we are argua ...
... the macroeconomy, there have been a number of new “oil price shocks” since the 1970s, notably the 1986 collapse of oil prices and the 2000 boom in oil prices as well as the oil price increases associated with the 1990 –1991 Gulf war and the 2003 Iraq war. Given this richer case history, we are argua ...
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.""