Unpacking the Saudi state : oil fiefdoms and their clients -- Oil fiefdoms in flux : the new Saudi state in the 1950s -- The emerging bureaucratic order under Faisal -- The 1970s boom : bloating the state and clientelizing society -- The Foreign Investment Act : lost between fiefdoms -- Eluding...

Making sense of Saudi Arabia is crucially important today. The kingdom's western province contains the heart of Islam, and it is the United States' closest Arab ally and the largest producer of oil in the world. However, the country is undergoing rapid change: its aged leadership is ceding power...

This paper investigates the global macroeconomic consequences of country-specific oil-supply shocks. Our contribution is both theoretical and empirical. On the theoretical side, we develop a model for the global oil market and integrate this within a compact quarterly model of the global economy...