countries/regions over the period 1979-2011Q2, to discriminate - between supply-driven and demand-driven oil-price shocks and to …-consequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic …

This paper documents the determinants of real oil price in the global market based on SVAR model embedding transitory … distinct effects. Permanent supply disruptions turn out to be a bigger factor in historical oil price movements during the most …

-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining …

A model for world crude oil and natural gas markets is estimated. It confirms low price and high income elasticities of … demand for both crude oil and natural gas, which explains the market power of oil producers and price volatility following …

typically observed. We show that decisions are very sensitive to expectations on the equilibrium oil price using a mean … reverting model of the oil price where the equilibrium price is also a random variable. Oil production was cut during the 2008 … was cut completely when prices fall below the country's threshold price. If several producers were to adopt such …

The paper reviews recent developments in the pass-through of international to domestic petroleum product prices, in the … of the paper is the limited price pass-through in many countries and the consequent increase in fuel subsidies. The paper …

alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of …