of the oil industry with two alternative market structures. In the first, all firms are competitive. In the second, OPEC … firms act as a cartel. This effort is a first step towards studying the importance of ongoing structural changes in the oil … market in a general-equilibrium model of the world economy. We analyze the impact of the advent of fracking on the volatility …

the long run, but only does so in the short run when economic volatility is low. Instead, when economic volatility is high … acute in the high income volatility scenario …

This paper explores the connections between the shift of world saving toward OPEC and the changing structure of U … of world saving toward OPEC in the 1970s effectively internationalized the supply of saving, as OPEC places its surplus …

, from 1970 to 2014, to quantify the extent of productive misallocation attributable to market power exerted by the OPEC. We …

model framework, we use the fact that many cartel policies are observationally equivalent to a country-specific labor tax … wedge. We estimate a monetary DSGE model with cartel wedges along with productivity and monetary shocks. Our main finding is … that cartel policy shocks account for the bulk of the Depression in the countries that adopted significant cartel policies …

from, individual markets. We show that this gives rise to a new mechanism by which a cartel can sustain a collusive … more likely to hold than its intensive margin counterpart. Specifically, it is demonstrated that Where duopoly competition … oligopolistic competition with a collusive fringe, and predatory entry. We also provide a theoretic foundation for the use of a …

recent cartel cases, as well as at a broader cross-section of 42 recently prosecuted international cartels. We discuss the …