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On the sources and consequences of oil price shocks : the role of storage /
"Building on recent work on the role of speculation and inventories in oil markets, we embed a competitive oil storage model within a DSGE model of the U.S. economy. This enables us to formally analyze the impact of a (speculative) storage demand shock and to assess how the effects of various d...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
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| Colección: | IMF working paper ;
WP/12/270. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | "Building on recent work on the role of speculation and inventories in oil markets, we embed a competitive oil storage model within a DSGE model of the U.S. economy. This enables us to formally analyze the impact of a (speculative) storage demand shock and to assess how the effects of various demand and supply shocks change in the presence of oil storage facility. We find that business-cycle driven oil demand shocks are the most important drivers of U.S. oil price fluctuations during 1982-2007. Disregarding the storage facility in the model causes a considerable upward bias in the estimated role of oil supply shocks in driving oil price fluctuations. Our results also confirm that a change in the composition of shocks helps explain the resilience of the macroeconomic environment to the oil price surge after 2003. Finally, speculative storage is shown to have a mitigating or amplifying role depending on the nature of the shock"--Abstract |
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| Notas: | Title from PDF title page (IMF Web site, viewed November 26, 2012). "Research Department"--Page 2 of pdf "November 2012"--Page 2 of pdf |
| Descripción Física: | 1 online resource (41 pages) : illustrations |
| Bibliografía: | Includes bibliographical references (pages 22-25). |
| ISBN: | 9781475573565 1475573561 9781475598438 1475598432 1616357029 9781616357023 |