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Building on recent work on the role of speculation and inventories in oil markets, we embed a competitive oil storage model within a DSGE model of the U.S. economy. This enables us to formally analyze the impact of a (speculative) storage demand shock and to assess how the effects of various...
Persistent link: https://www.econbiz.de/10009679009
Building on recent work on the role of speculation and inventories in oil markets, we embed a competitive oil storage model within a DSGE model of the U.S. economy. This enables us to formally analyze the impact of a (speculative) storage demand shock and to assess how the effects of various...
Persistent link: https://www.econbiz.de/10014395583
Building on recent work on the role of speculation and inventories in oil markets, we embed a competitive oil storage model within a DSGE model of the U.S. economy. This enables us to formally analyze the impact of a (speculative) storage demand shock and to assess how the effects of various...
Persistent link: https://www.econbiz.de/10013096277
Persistent link: https://www.econbiz.de/10002192674
Persistent link: https://www.econbiz.de/10002165795
"We evaluate two leading models of aggregate fluctutations with inventories in general equilibrium: the (S,s) model and the stockout avoidance model. Each is judged by its ability to explain the observed magnitude of inventories in the U.S. economy, alongside other empirical regularities such as...
Persistent link: https://www.econbiz.de/10002203337
This paper studies the impact of oil shocks on the U.S. economy--and on the motor vehicle industry in particular--and re-examines whether the relationship has changed over time. We find remarkable stability in the response of aggregate real variables to oil shocks once we account for the extra...
Persistent link: https://www.econbiz.de/10013142293
Persistent link: https://www.econbiz.de/10003741439
This paper studies the impact of oil shocks on the U.S. economy--and on the motor vehicle industry in particular--and re-examines whether the relationship has changed over time. We find remarkable stability in the response of aggregate real variables to oil shocks once we account for the extra...
Persistent link: https://www.econbiz.de/10012462587
Persistent link: https://www.econbiz.de/10013467052