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 …

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 …

less transparent government-owned companies such as the world-largest natural gas producer Gazprom: they appear to be …

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

any unhedged volatility must be managed by precautionary savings. If oil prices are pro-cyclical, oil should be extracted …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 …

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

, which preclude producers from holding large inventories, and thus reduce spot prices. Using oil and gas market data from …

, beverages, agricultural raw materials and metals. This simple structural model allows us, for each group of commodities, to … industrial production in developed countries has large and significant short-run effects on the demand for primary commodities …

the EC and (b) decrease mean price, increase volatility and increase private stockholding in the rest of the world. The … export subsidy to defend a fixed price floor, increases in the floor (a) increase mean price and decrease price volatility in … volatility of farm incomes in the EC are relatively insensitive to increases in the floor. …