supply. Topics discussed include the role of commodity speculation, OPEC, and resource depletion. The paper concludes that …

elasticity assumptions. We show speculation had little, if any, effect on prices and volatility …of speculation. Our framework is based on a simple and transparent model of supply and demand in …the cash and storage markets for a commodity. It lets us determine whether speculation is consistent …

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

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

In this paper, we investigate changes in the impacts of world crude oil prices on domestic prices in Japan. First, we …

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 …

The paper examines welfare effects and the trade balance response to changes in the world oil prices and interest rates … increases, whereas its response is ambiguous for permanent oil price increases. For a fall in the world interest rate, the trade …

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