How the massive power shift in Russia threatens the political dominance of the United States There is a new cold war underway, driven by a massive geopolitical power shift to Russia that went almost unnoticed across the globe. In The Colder War: How the Global Energy Trade Slipped from...

This paper formulated a short-run model, with an explicit role for monetary policy, for analyzing world oil and gas markets. The model described carefully the parameters of these markets and their vulnerability to business cycles. Estimates showed that short-run demand for oil and gas was price-...