He, Yanan; Wang, Shouyang; Lai, Kin Keung - In: Energy Economics 32 (2010) 4, pp. 868-876
This paper empirically investigates the cointegrating relationship between crude oil prices and global economic activity. The Kilian economic index is used as an indicator of global economic activity. Based on a supply-demand framework and the cointegration theory, we find that real futures...