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Lags, Costs, and Shocks : An Equilibrium Model of the Oil Industry
Bornstein, Gideon - 2017
We use a new micro data set that covers all oil fields in the world to estimate a stochastic industry-equilibrium model … market in a general-equilibrium model of the world economy. We analyze the impact of the advent of fracking on the volatility …
Persistent link: https://www.econbiz.de/10012955791
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Estimating the Customer-Level Demand for Electricity Under Real-Time Market Prices
Patrick, Robert H.; Wolak, Frank - 2001
This paper presents estimates of the customer-level demand for electricity by industrial and commercial customers … purchasing electricity according to the half-hourly energy prices from the England and Wales (E&W) electricity market. These … customers also face the possibility of a demand charge on their electricity consumption during the three half-hour periods that …
Persistent link: https://www.econbiz.de/10014133542
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Granular Instrumental Variables
Gabaix, Xavier; Koijen, Ralph S. J. - 2022
We propose a new way to construct instruments in a broad class of economic environments. In the economies we study, a few large firms, industries or countries account for an important share of economic activity. As the idiosyncratic shocks from these large players affect aggregate outcomes, they...
Persistent link: https://www.econbiz.de/10014089927
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Granular Credit Risk
Galaasen, Sigurd; Jamilov, Rustam; Juelsrud, Ragnar; … - 2022
What is the impact of granular credit risk on banks and on the economy? We provide the first causal identification of single-name counterparty exposure risk in bank portfolios by applying a new empirical approach on an administrative matched bank-firm dataset from Norway. Exploiting the fat tail...
Persistent link: https://www.econbiz.de/10013405298
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Cursed Resources? Political Conditions and Oil Market Outcomes
Metcalf, Gilbert E. - 2010
understanding world oil markets …
Persistent link: https://www.econbiz.de/10013135056
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Historical Oil Shocks
Hamilton, James D. - 2014
post-World-War-II oil shocks reviewed include the Suez Crisis of 1956-57, the OPEC oil embargo of 1973-1974, the Iranian …
Persistent link: https://www.econbiz.de/10013068515
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Understanding Crude Oil Prices
Hamilton, James D. - 2010
This paper examines the factors responsible for changes in crude oil prices. The paper reviews the statistical behavior of oil prices, relates these to the predictions of theory, and looks in detail at key features of petroleum demand and supply. Topics discussed include the role of commodity...
Persistent link: https://www.econbiz.de/10012758150
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The Changing Face of World Oil Markets
Hamilton, James D. - 2014
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 …
Persistent link: https://www.econbiz.de/10013049688
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World Equilibrium with Oil Price Increases : An Intertemporal Analysis
Marion, Nancy Peregrim; Svensson, Lars E. O. - 2021
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 …
Persistent link: https://www.econbiz.de/10013224216
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Pandemic, War, Inflation : Oil Markets at a Crossroads?
Baumeister, Christiane - 2023
The COVID-19 pandemic as well as the Russian invasion of Ukraine have had profound effects on the global energy landscape, with some of the longer-lasting effects still unfolding. This paper discusses how these events have reshaped the supply side of the global oil market by focusing on...
Persistent link: https://www.econbiz.de/10014346319