market in a general-equilibrium model of the world economy. We analyze the impact of the advent of fracking on the volatility …We use a new micro data set that covers all oil fields in the world to estimate a stochastic industry-equilibrium model … of oil prices. Our model predicts a large decline in this volatility …

negative relationship between political openness and volatility in oil production, with democratic regimes exhibiting less … volatility than more autocratic regimes. This relationship holds across a number of robustness checks including using different … measures of political conditions, instrumenting for political conditions and using several measures of production volatility …

post-World-War-II oil shocks reviewed include the Suez Crisis of 1956-57, the OPEC oil embargo of 1973-1974, the Iranian …

point in the history of the world's use of this key energy source. In this article I review five of the ways in which the … world of energy may have changed forever …

world rate of interest(intertemporal terms of trade effects) and, for rigid wages, changes in employment. Thus Industria … gains from the intertemporal terms of trade effect if it is a net borrower and the world rate of interest falls. Precise … conditions for whether the world rate of interest falls or rises are given.We also show that Industria may gain from subsidizing …

for the 50 largest economies in the world. Smaller countries have fewer firms, and thus higher volatility. The model …This paper proposes a new mechanism by which country size and international trade affect macroeconomic volatility. We … firms have an impact on aggregate output volatility. We explore the quantitative properties of the model calibrated to data …

relative risk aversion. High stock-price volatility can be explained by incorporating time-varying long-run growth rates and …