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It has been forty years since the oil crisis of 1973/74. This crisis has been one of the defining economic events of the 1970s and has shaped how many economists think about oil price shocks. In recent years, a large literature on the economic determinants of oil price fluctuations has emerged....
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Natural resources account for 20% of world trade, and dominate the exports of many countries. Policy is used to manipulate both international and domestic prices of resources, yet this policy is largely outside the disciplines of the WTO. The instruments used include export taxes, price...
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Die OPEC-Länder haben in den vergangenen Jahren stark vom steigenden Ölpreis profitiert. Die Nachfrage nach OPEC-Öl war … - abgesehen von der weltweiten Krise 2008/2009 - hoch. Dies hat auch den Zusammenhalt innerhalb der OPEC stabilisiert. Künftig … von Nicht-OPEC-Staaten an unkonventionellen Energieträgern (zum Beispiel Rohöl auf Basis von Ölsand und -schiefer, Shale …
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standard test levels. We find that OPEC exercised its market power during the sample period. Counterfactual experiments …
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during 1975-2011. The goal is to disentangle fluctuations in OPEC and non-OPEC production and to derive consistent estimates … medium-run responses to a speculative demand shock differ between OPEC and non-OPEC producers, i.e., on average over the … sample period, OPEC members seem to curtail production, whereas non-OPEC supply expands significantly. Flow and speculative …
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expanding a model for crude oil prices to include refinery utilization rates, a non-linear effect of OPEC capacity utilization …
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