The economic implications of oil price shocks have been extensively studied since the 1970s'. Despite this huge … stagflationary impact of an oil price shock, together with 2) the influence of the energy productivity of capital on the depth and … of an economy where oil is imported from abroad, and where these stylized facts can be accounted for. Moreover, the …

The economic implications of oil price shocks have been extensively studied since the oil price shocks of the 1970s …-known stylized facts: 1) the stagflationary impact of an oil price shock, together with 2) two possible reactions of real wages …: either a decrease (as in the US) or an increase (as in Japan). We construct a New-Keynesian DSGE model, which takes the case …

This paper, using a six-region DSGE model of the world economy, assesses the GDP and current account implications of … permanent oil supply shocks hitting the world economy at an unspecified future date. For modest-sized shocks and conventional … production technologies the effects are modest. But for larger shocks, for elasticities of substitution that decline as oil usage …

We discuss and reconcile two diametrically opposed views concerning the future of world oil production and prices. The … geological view expects that physical constraints will dominate the future evolution of oil output and prices. It is supported by … the fact that world oil production has plateaued since 2005 despite historically high prices, and that spare capacity has …

This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such … as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase … oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices …

In this paper, we derive a small textbook New Keynesian DSGE model to evaluate Polish and Romanian business cycles …

In this paper, we derive a small textbook New Keynesian DSGE model to evaluate Polish and Romanian business cycles …

The purpose of this paper is to provide an informed contribution to the existing debate on the topic of peak oil and … general awareness of the high levels of uncertainty currently plaguing the future physical potencial of global oil supply. The … decline of the world’s oil supply. The reliability of available estimates concerning these two variables has been …

approach allows to endogenize the price of the resource. We use the historical data of the oil price and of the oil production … the production of the oil are described. The formulation of the model is quite easy but it hallows to obtain a good fit … with the recent data and especially with the behavior of the three main quantities considered (oil price, oil supply and …

Investment by oil firms positively affects the futures basis and negatively predicts excess returns on crude oil … response by firms and dampens oil price increases from demand shocks, thus lowering the risk premium …