-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 …

produced a rift between Churchill and Roosevelt. Our analysis is based on new monthly estimates of Spain's imports of gasoline … and other petroleum products, which we describe in the text and report in the appendix. These estimates allow us to draw a …

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 …

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 …

gasoline prices … local prices by between $6 and $11 per barrel. Slightly less than 90 percent of this gain for oil producers was a transfer …

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

substitutes for each other as inputs into the refining sector. The model is calibrated to match oil market and macroeconomic data … crude oil production similar to the shale oil boom. Consistent with the data, our model predicts that light oil prices … decline, U.S. imports of light oil fall dramatically, and light oil crowds out the use of medium crude by U.S. refiners. In …

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