Dvir, Eyal; Rogoff, Kenneth - In: Journal of International Money and Finance 42 (2014) C, pp. 113-128
We present evidence showing the existence of stable cointegrating vectors connecting four important variables in the U.S. and global oil markets: oil production, stocks of crude oil, the real price of oil, and broad measures of income. Our data are monthly, and go back to the 1930s, split into...