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...

In the wake of the global food crisis of 2008 Middle Eastern oil producers announced multi-billion investments to secure food supplies from abroad. Often called land grabs, such investments are at the heart of the global food security challenge and put the Middle East in the spotlight of...