structure to commodity futures prices, and develop new algorithms for estimation of such models using unbalanced data sets in …

-oil market in particular. We present model-free results that strongly suggest the presence of unspanned stochastic volatility in … the crude-oil market. We then develop a tractable model for pricing commodity derivatives in the presence of unspanned … stochastic volatility. The model features correlations between innovations to futures prices and volatility, quasi …

's imports of gasoline and other petroleum products, which we describe in the text and report in the appendix. These estimates …

gasoline prices … were far from existing refining and pipeline infrastructure. The production increase led to substantial discounts for oil … local prices by between $6 and $11 per barrel. Slightly less than 90 percent of this gain for oil producers was a transfer …

between two building blocks: specialization in non-tradables and financial market imperfections. We show that if a country has … a sufficiently large non-resource tradable sector, relative prices can be stable, even when the resource sector …-resource tradables: the less it produces of them, the greater the volatility of relative prices, the higher the interest rate the sector …

of its oil below market prices in an effort to solicit bribes, both in the form of direct cash bribes and in the form of … between the official selling price of Iraq's two crude oils (Basrah Light and Kirkuk) and the market price of several … 3 percent of the total value of oil sales under the Program. Finally, we find little evidence that underpricing was …

petroleum products by rail and pipelines. While crude oil transportation has generated intense policy debate about rail and …