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 … of oil prices. Our model predicts a large decline in this volatility …

supply side of the global oil market by focusing on structural changes in each of the three main oil-producing countries. The … demand side has responded to geopolitical developments by devising a set of policy tools to stabilize oil markets and counter … inflationary pressures. In particular, the price cap policy was introduced to supplement the EU embargo on seaborne Russian oil …

structure to commodity futures prices, and develop new algorithms for estimation of such models using unbalanced data sets in … which the duration of observed contracts changes with each observation. We document significant changes in oil futures risk … structure of crude oil futures risk premia over time …

post-World-War-II oil shocks reviewed include the Suez Crisis of 1956-57, the OPEC oil embargo of 1973-1974, the Iranian …This paper surveys the history of the oil industry with a particular focus on the events associated with significant … changes in the price of oil. Although oil was used much differently and was substantially less important economically in the …

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 … although scarcity rent made a negligible contribution to the price of oil in 1997, it could now begin to play a role …

This paper examines the effect of OPEC price increases on the welfare of a group of oil-importing industrial countries …. It also studies how taxes or subsidies on oil imports or capital flows could alter the group's welfare. The analysis is … conducted using a general-equilibrium model that describes the behavior of two actors, OPEC and the oil-importing bloc called …

, the real price of oil has tended to be highly persistent and volatile whenever rapid industrialization in a major world … account for the increased volatility of oil price we observe in these periods …We test for changes in price behavior in the longest crude oil price series available (1861-2008). We find strong …

world, using recently developed instruments for institutions and trade. Our results indicate that the quality of …

world are debt-led and the factors associated with debt-led episodes are similar to the factors behind episodes identified …