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Forty Years of Oil Price Fluctuations : Why the Price of Oil May Still Surprise Us

Baumeister, Christiane - 2016

It has been forty years since the oil crisis of 1973/74. This crisis has been one of the defining economic events of the 1970s and has shaped how many economists think about oil price shocks. In recent years, a large literature on the economic determinants of oil price fluctuations has emerged....

Persistent link: https://www.econbiz.de/10012998728

Understanding the Decline in the Price of Oil Since June 2014

Baumeister, Christiane - 2016

positive oil supply shocks in the second half of 2014. Others have suggested that a major shock to oil price expectations … expected oil production that occurred prior to July 2014. The remaining oil price decline is accounted for by a shock to oil … price expectations in July 2014 that lowered the demand for oil inventories and a shock to the demand for oil associated …

Persistent link: https://www.econbiz.de/10012996804

Time-Varying Spot and Futures Oil Price Dynamics

Caporale, Guglielmo Maria - 2013

We investigate the role of crude oil spot and futures prices in the process of price discovery by using a cost-of-carry model with an endogenous convenience yield and daily data over the period from January 1990 to December 2008. We provide evidence that futures markets play a more important...

Persistent link: https://www.econbiz.de/10013094836

Explosive Oil Prices

Gronwald, Marc - 2021

This paper deals with three aspects of spectacular oil price episodes such as the one witnessed in 2008. First, the concept of temporary explosiveness is proposed as an empirical method for capturing this type of behavior. The application of a recently proposed recursive unit root test shows...

Persistent link: https://www.econbiz.de/10013315722

Fuel Efficiency Improvements - Feedback Mechanisms and Distributional Effects in the Oil Market

Aune, Finn Roar - 2015

efficiency improvements are policy-induced in certain regions of the world. We are especially interested in feedback mechanisms …

Persistent link: https://www.econbiz.de/10013015360

Stranded Assets, the Social Cost of Carbon, and Directed Technical Change : Macroeconomic Dynamics of Optimal Climate Policy

van der Ploeg, Rick - 2016

The tractable general equilibrium model developed by Golosov et al. (2014), GHKT for short, is modified to allow for stock-dependent fossil fuel extraction costs and partial exhaustion of fossil fuel reserves, a negative impact of global warming on growth, mean reversion in climate damages,...

Persistent link: https://www.econbiz.de/10012996198

Robustness of a Simple Rule for the Social Cost of Carbon

Rezai, Armon - 2015

The optimal social cost of carbon is in general equilibrium proportional to GDP if utility is logarithmic, production is Cobb-Douglas, depreciation in 100% every period, climate damages as fraction of production decline exponentially with the stock of atmospheric carbon, and fossil fuel...

Persistent link: https://www.econbiz.de/10013033798

Inequality and the Social Cost of Carbon

Anthoff, David - 2016

This paper presents a novel way to disentangle inequality aversion over time from inequality aversion between regions in the computation of the Social Cost of Carbon. Our approach nests a standard efficiency based Social Cost of Carbon estimate and an equity weighted Social Cost of Carbon...

Persistent link: https://www.econbiz.de/10012985451

Has Creative Destruction Become More Destructive?

Komlos, John - 2021

Schumpeter’s concept of creative destruction as the engine of capitalist development is well-known. However, that the destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP and on welfare is hardly acknowledged, with...

Persistent link: https://www.econbiz.de/10013315579

The Costs of Organized Violence : A Review of the Evidence

Skaperdas, Stergios - 2021

I critically review recent studies that estimate those costs of violence and conflict that can emerge among organized political groupings, from states, religious and ethnic organizations to guerillas and paramilitaries. The review includes studies that estimate direct and indirect costs due to...

Persistent link: https://www.econbiz.de/10013316344

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