and demand. Supply disruptions turn out to be a bigger factor in historical oil price movements and inventory accumulation … uncertainty about the identifying assumptions themselves. We use this approach to revisit the importance of shocks to oil supply … a smaller factor than implied by earlier estimates. Supply shocks lead to a reduction in global economic activity after …

Recently, Baumeister and Hamilton (henceforth: BH) have argued that existing studies of the global oil market fail to … mainly the imposition of a highly unrealistic prior for the global impact price elasticity of oil supply. Once identification … uncertainty about the global price elasticity of oil supply is accounted for by specifying a prior more in line with extraneous …

leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to … of the US dollar on oil demand tends to be declining over time and, for a subsample of OECD countries, stronger for an …

. This flight from quality was triggered by a fall in aggregate demand, was more acute when households could substitute …

In this paper we explore the role that demand uncertainty plays for the offshoring decision, and the role that … demand. The presence of a cost of firing or hiring as in Bagliano & Bertola (2004) generates an intertemporal element to a … differential labor market exibility as well as by wage differences. Our most important results are: 1) If the foreign labor market …

A finite number of sellers (n) compete in schedules to supply an elastic demand. The costs of the sellers have … uncertain common and private value components and there is no exogenous noise in the system. A Bayesian supply function …. Price-cost margins and bid shading are affected by the parameters of the information structure: supply functions are steeper …

A Bayesian supply function equilibrium is characterized in a market where firms have private information about their … uncertain costs. It is found that with supply function competition, and in contrast to Bayesian Cournot competition …, competitiveness is affected by the parameters of the information structure: supply functions are steeper with more noise in the …

data on coal mine and power plant operation to estimate the impact of supply and demand factors on mine closure. We model … closures, such as rising production costs and decreasing coal demand from the electricity sector. This analysis utilizes unique … supply shocks to expected mine profits. Our results suggest that each shock substantially affected coal mine employment …

Optimal climate policy is studied. Coal, the abundant resource, contributes more CO2 per unit of energy than the … exhaustible resource, oil. We characterize the optimal sequencing oil and coal and departures from the Herfindahl rule …. “Preference reversal” can take place. If coal is very dirty compared to oil, there is no simultaneous use. Else, the optimal …