This paper examines the impact of the oil price boom in the 1970s and the subsequent bust on non-oil economic activity in oil-department countries.  During the boom, manufacturing value added and exports increased significantly relative to non-oil dependent countries, along with wages,...

Over the past decade, the production of shale oil and gas significantly increased in the United States.  This paper uniquely examines how this energy boom has affected regional crime rates throughout the United States.  There is evidence that, as a result of the ongoing shale-energy boom,...

Monetary policy can play an important role in managing oil discoveries. Ideally governments will use fiscal policy to smooth consumption of oil income. In practice this often does not happen, as governments delay spending until oil revenues are received. This induces changes in the economy, both...

This paper studies how capital-scarce countries should manage volatile resource income.  Existing literature recommends that capital-scarce countries invest domestically, but that volatile resource income should be saved in a foreign sovereign wealth fund.  I reconcile these by combining a...

Many oil exporters accumulate large sovereign wealth funds, though their portfolio allocation does not take into account below-ground assets, like oil. Similarly, the above-ground portfolio does not affect the decision to extract oil. This paper shows that subsoil oil wealth should change a...