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 …

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

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 …

whether the U.S. share of world oil imports is more or less than its share of OPEC asset holdings; in the long run, whether …

This paper explores the connections between the shift of world saving toward OPEC and the changing structure of U … become more interdependent through trade with the newly industrializing countries (NICs) in the developing world. The shift … of world saving toward OPEC in the 1970s effectively internationalized the supply of saving, as OPEC places its surplus …

for the U.S. and the rest of the world (ROW). We investigate the implications of a significant increase in U.S. light …