This paper proposes a novel approach to study the macroeconomic effects of oil prices, exploiting institutional features of OPEC and high-frequency data. Using variation in futures prices around OPEC announcements as an instrument, I identify an oil supply news shock. These shocks have...

"This book asks why, against all expectations, global migration tripled in the five decades after 1973. The book argues that economic and geopolitical changes unleashed by the OPEC oil crisis led to well over one hundred million migrants that few people expected or wanted. More people are on the...

The aim of this paper is to investigate how major net oil exporter economies react to oil price shocks. We contribute to the literature by considering, at the same time, the possible nonlinearity and asymmetry of this relationship with respect to sign, size and causes of the oil price shocks, as...