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 …

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

understanding world oil markets …

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 …

the world economy. We analyze the impact of the advent of fracking on the volatility of oil prices. Our model predicts a …

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 …

appreciation and a decline in domestic manufacturing output. Perhaps surprisingly, an increase in world oil prices can create …