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Guided by a macroeconomic model in which non-energy commodity prices are endogenously determined, we apply a new factor-based identification strategy to decompose the historical sources of changes in commodity prices and global economic activity. The model yields a factor structure for commodity...
Persistent link: https://www.econbiz.de/10010385286
-state share of long-term U.S. bond holdings increases in the rest-of-the-world portfolio, as the elasticity of substitution …
Persistent link: https://www.econbiz.de/10010468314
economic activity in the rest of the world (ROW). This is despite the standard trade channel's net positive effect on the ROW …
Persistent link: https://www.econbiz.de/10014456720
We examine the implications of increased unconventional crude oil production in North America. This production increase has been made possible by the existence of alternative oil-recovery technologies and persistently elevated oil prices that make these technologies commercially viable. We first...
Persistent link: https://www.econbiz.de/10009767984
that the convenience yield curve is well explained by a level and a slope factor. Consistent with the theory of storage …
Persistent link: https://www.econbiz.de/10010401755
We quantify the reaction of U.S. equity, bond futures, and exchange rate returns to oil price shocks driven by oil inventory news. Across most sectors, equity prices decrease in response to higher oil prices before the 2007/08 crisis but increase after it. Positive oil price shocks cause a...
Persistent link: https://www.econbiz.de/10012181225