Oil price shocks are thought to have played a prominent role in U.S. economic activity. In this paper, we employ Bayesian methods with a dynamic stochastic general equilibrium model of world economic activity to identify the various sources of oil price shocks and economic fluctuation and to...

In this article, Stephen Brown and Hillard Huntington combine recent studies of world oil markets and the nascent literature on damage estimates from carbon dioxide (CO2) emissions to derive cost and benefit curves for the reduction of these emissions through cooperative programs of oil...