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Güntner, Jochen; Irlacher, Michael; Öhlinger, Peter - 2023

Motivated by the European Union's debate on sanctioning crude oil imports from Russia, we estimate the elasticity of substitution between different crude oil types. Using European data on country-level crude oil imports by field of origin, we argue that crude oil is not a homogenous good and...

Persistent link: https://www.econbiz.de/10014364721

The U.S. dollar exchange rate and the demand for oil

De Schryder, Selien; Peersman, Gert - 2013

Using recent advances in panel data estimation techniques, we find that an appreciation of the US dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be much larger than the impact of a shift in the...

Persistent link: https://www.econbiz.de/10009707558

Understanding the estimation of oil demand and oil supply elasticities

Kilian, Lutz - 2020

This paper examines the advantages and drawbacks of alternative methods of estimating oil supply and oil demand elasticities and of incorporating this information into structural VAR models. I not only summarize the state of the literature, but also draw attention to a number of econometric...

Persistent link: https://www.econbiz.de/10012288032

Facts and fiction in oil market modeling

Kilian, Lutz - 2019

Baumeister and Hamilton (2019a) assert that every critique of their work on oil markets by Kilian and Zhou (2019a) is without merit. In addition, they make the case that key aspects of the economic and econometric analysis in the widely used oil market model of Kilian and Murphy (2014) and its...

Persistent link: https://www.econbiz.de/10012119530

Multimarket linkages, cartel discipline and trade costs

Agnosteva, Delina; Syropoulos, Constantinos; Yotov, Yoto V. - 2017

. A key feature of the model is that cartel discipline is endogenous. Thus, markets that appear segmented are … strategically linked via the incentive compatibility constraint. Importantly, trade costs affect cartel shipments and welfare not … costs exert a negative and significant effect on cartel discipline. In turn, cartel discipline has a negative and …

Persistent link: https://www.econbiz.de/10011781965

Vertical integration and valuation of international oil companies

Misund, Bård; Osmundsen, Petter; Sikveland, Marius - 2014

This paper studies financial statement information from the 50 largest international oil and gas companies during 1992 to 2011 and evaluates their relation to market values. In particular, we examine how this relationship is affected by accounting method choice (successful efforts versus full...

Persistent link: https://www.econbiz.de/10010428751

Liberalizing Russian gas markets : an economic analysis

Aune, Finn Roar; Golombek, Rolf; Hallre, Hilde; Moe, Arild - 2015

The Russian gas market is highly regulated. In this paper we examine possible impacts of regulatory changes on the demand side of this market. In particular, we consider the effects on Russian energy consumers of removing natural gas subsidies, and how changes in Russian gas consumption may...

Persistent link: https://www.econbiz.de/10010533092

Macroeconomic uncertainty and the impact of oil shocks

Van Robays, Ine - 2012

This paper evaluates whether macroeconomic uncertainty changes the impact of oil shocks on the oil price. Using a structural threshold VAR model, we endogenously identify different regimes of uncertainty in which we estimate the effects of oil demand and supply shocks. The results show that...

Persistent link: https://www.econbiz.de/10009621702

Climate policies in a fossil fuel producing country : demand versus supply side policies

Fæhn, Taran; Hagem, Cathrine; Lindholt, Lars; Mæland, … - 2014

In absence of joint global climate action, several jurisdictions unilaterally restrict their domestic demand for fossil fuels. Another policy option for fossil fuel producing countries, not much explored, is to reduce own supply of fossil fuels. We explore analytically and numerically how...

Persistent link: https://www.econbiz.de/10010458581

Modeling UK natural gas prices when gas prices periodically decouple from the oil price

Asche, Frank; Oglend, Atle; Osmundsen, Petter - 2015

When natural gas prices are subject to periodic decoupling from oil prices, for instance due to peak-load pricing, conventional linear models of price dynamics such as the Vector Error Correction Model (VECM) can lead to erroneous inferences about cointegration relationships, price adjustments...

Persistent link: https://www.econbiz.de/10010486860