, the real price of oil has tended to be highly persistent and volatile whenever rapid industrialization in a major world …

reduce taxes on labor income, showing that such a policy could increase world productive capacity while being consistent with …

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

of both advanced and emerging countries during two periods of globalization -- the pre-World War I classical gold …

well-known "supply-shock" explanation attributes both spikes to large food and energy shocks plus, in the case of 1973 … policy and (b) pointed to the far smaller impacts of more recent oil shocks as evidence against the supply-shock explanation …, and new econometric studies that have accumulated over the past quarter century. We find that the classic supply-shock …

produces roughly 40% of the world's corn. A heat wave in July adversely affected corn production. We extend earlier statistical …

across US refineries. We take advantage of this exogenous shock to input costs to study the nature of competition and the …