We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find … muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while … onshore oil has only modest effects on non-oil GDP composition. However, oil abundance causes municipal revenues and reported …

analysis shows that the presence and location of oil are significant and quantitatively important predictors of inter …

Oil exporters typically do not consider below-ground assets when allocating their sovereign wealth fund portfolios, and … ignore above-ground assets when extracting oil. We present a unified framework for considering both. Subsoil oil should alter … any unhedged volatility must be managed by precautionary savings. If oil prices are pro-cyclical, oil should be extracted …

becoming terrorists when representing regions rich in oil. Groups that participate in exerting power over their region are less …

responses to the inflation triggered by oil price shocks are an important source of aggregate fluctuations in the U.S. economy …. We show that there is no evidence of systematic monetary policy responses to oil price shocks after 1987 and that this … VAR models, the Federal Reserve was not responding to the inflation triggered by oil price shocks, as commonly presumed …

the 1973 oil shock, and the lessons learned from subsequent experience, both in terms of the issues which were thought to …