We investigate the role of crude oil spot and futures prices in the process of price discovery by using a cost … contracts. The implications of these results for hedging and forecasting crude oil spot prices are also discussed …

Some observers have conjectured that the steep decline in the price of oil between June and December 2014 resulted from … positive oil supply shocks in the second half of 2014. Others have suggested that a major shock to oil price expectations … in non-OPEC oil production. Both conjectures are perfectly reasonable ex ante, yet we provide quantitative evidence that …

We study the interactions between fuel efficiency improvements in the transport sector and the oil market, where the … efficiency improvements are policy-induced in certain regions of the world. We are especially interested in feedback mechanisms … effects via oil price changes for different regions, sectors and oil producers. An intertemporal numerical model of the …

This paper deals with three aspects of spectacular oil price episodes such as the one witnessed in 2008. First, the … literature is that fundamental factors are the main explanation for the 2007/2008 oil price hike, but that in 1990 …/1991, speculative demand shocks also played a role. Third, it is shown that temporary oil price hikes influence economic decisions that …

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. Drawing on this literature, we first provide an overview of the …

In the empirical literature, only few studies have focused on the relationship between oil prices and stock markets in … net oil-importing countries. In net oil-exporting countries this relationship has not been widely researched. This paper … critical values to study the sensitivity of stock markets to oil prices in GCC (Gulf Corporation Council) countries. Using two …

Our paper examines the effect of oil price changes on Gulf Cooperation Council (GCC) stock markets using nonlinear … markets do not have similar sensitivities to oil price changes. We document the presence of stock market returns' asymmetric … reactions in some GCC countries, but not for others. In Kuwait's case, negative oil price changes exert larger impacts on stock …

has implications for the estimation of economic models of energy-intensive durables, for oil price forecasting, and for … long-standing problem of how to estimate the market expectation of the price of crude oil. We provide a new measure of oil … the measurement of oil price shocks …

We use a new dataset on non-resource GDP to examine the impact of commodity price volatility on economic growth in a … panel of up to 158 countries during the period 1970-2007. Our main finding is that commodity price volatility leads to a … result, we show that increased commodity price volatility leads to a statistically significant and quantitatively large …

suggests that a global bimetallic system, in which the gold price of silver uctuates, has higher price volatility than a global …