assets (gold, oil, and stocks) covering the period from 1987 to 2012. The analysis is performed on both intra-day and daily …

In this paper we investigate the time-varying relationship between oil and natural gas in the UK. We develop a model … endogenously accounts for periods where oil and natural gas temporarily decouple due to gas specific pricing. We show that gas … the time of the year. Most of the reversion back to oil occurs in spring and summer when demand for gas to heating and …

In this paper we estimate a dominant firm-competitive fringe model for the crude oil market using quarterly data on oil … indicate that world GDP is the main driver of long-run oil prices, however, supply (depletion) factors have become more …

power if their country is oil-poor, but can stay in power by bribing the people if their country is oil-rich. Dictators from …

When natural gas prices are subject to periodic decoupling from oil prices, for instance due to peak-load pricing … address these issues. Our regime switching model uses price data to infer whether pricing is oil-driven (integrated) or gas …-specific (decoupled). We find that UK natural gas (ICE) and oil (Brent) are cointegrated for the majority of the sample considered (1997 …

manipulate both international and domestic prices of resources, yet this policy is largely outside the disciplines of the WTO …. The instruments used include export taxes, price controls, production quotas, and domestic producer and consumer taxes …

This paper studies the relationship between export policy and food prices. We show that, when individuals are loss … averse, food exporters may use trade policy to shield the domestic economy from large price shocks. This creates a … complementarity between the price of food in international markets and export policy. Specifically, unilateral actions by exporting …

WTO negotiations deal predominantly with bound - besides applied - tariff rates. But, how can reductions in tariffs … formalizes the underlying interaction of risk, fixed export costs and firms’ market entry decisions based on techniques known …

In his seminal paper, Rose (2004) concluded from a gravity-type study of bilateral trade that the GATT/WTO does not … zero trade and leaves room for WTO membership to promote trade at the extensive margin of trade. Relying on a Tobit … estimation approach, we find that WTO membership has promoted world trade to a larger extent than Rose’s results seem to indicate. …

This paper presents a dynamic model of risk-averse producers' decision to invest in physical capital and to export. The … model features irreversible investment, no capital markets and fixed and sunk costs to export. Several features of the … distribution of investment rates and export participation patterns observed in firm-level data are closely matched in a calibration …