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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 |
|---|---|
| Autores principales: | , , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Colección: | IMF working paper ;
WP/12/270. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 082 | 0 | 4 | |a 338.2/3 |2 23 |
| 049 | |a UAMI | ||
| 100 | 1 | |a Unalmis, Deren, |e author. | |
| 245 | 1 | 0 | |a On the sources and consequences of oil price shocks : |b the role of storage / |c Deren Unalmis, Ibrahim Unalmis, and D. Filiz Unsal. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2012. | ||
| 300 | |a 1 online resource (41 pages) : |b illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 340 | |g polychrome. |2 rdacc |0 http://rdaregistry.info/termList/RDAColourContent/1003 | ||
| 347 | |a data file | ||
| 380 | |a Bibliography | ||
| 490 | 1 | |a IMF working paper ; |v WP/12/270 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed November 26, 2012). | ||
| 500 | |a "Research Department"--Page 2 of pdf | ||
| 500 | |a "November 2012"--Page 2 of pdf | ||
| 520 | |a "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 | ||
| 504 | |a Includes bibliographical references (pages 22-25). | ||
| 505 | 0 | |a Cover; Contents; 1. Introduction; 2. The Model; 2.1 Households; 2.2 Firms and Production; 2.3 Monetary and Fiscal Policy; 2.4 Goods Market Equilibrium; 2.5 Storage and Oil Market Equilibrium; 3. Estimation; 3.1 Data; 3.2 Calibrated Parameters; 3.3 Prior Distributions and Estimation Results; 4. Conclusion; References; Appendix; Tables; 1. Calibrated parameters; 2. Prior distributions and posterior estimates (sample period: 1982Q1-2007Q4); 3. Variance decomposition (sample period: 1982Q1-2007Q4); 4. Variance decomposition (sample period: 2000Q1-2007Q4); Figures. | |
| 505 | 8 | |a 1. Impulse responses to a one standard deviation positive TFP shock2. Impulse responses to a one standard deviation positive labor productivity shock; 3. Impulse responses to a one standard deviation negative oil supply shock; 4. Impulse responses to a one standard deviation storage demand shock; 5. Impulse responses to a one standard deviation positive TFP shock with and without storage; 6. Impulse responses to a one standard deviation positive labor productivity shock with and without storage; 7. Impulse responses to a one standard deviation negative oil supplywith and without storage. | |
| 546 | |a English. | ||
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
| 650 | 0 | |a Petroleum products |x Prices |x Econometric models. | |
| 650 | 0 | |a Petroleum products |x Storage. | |
| 650 | 6 | |a Produits pétroliers |x Prix |x Modèles économétriques. | |
| 650 | 6 | |a Produits pétroliers |x Stockage. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Industries |x General. |2 bisacsh | |
| 650 | 7 | |a Petroleum products |x Prices |x Econometric models |2 fast | |
| 650 | 7 | |a Petroleum products |x Storage |2 fast | |
| 700 | 1 | |a Unalmis, Ibrahim, |e author. | |
| 700 | 1 | |a Unsal, D. Filiz, |e author. | |
| 710 | 2 | |a International Monetary Fund. |b Research Department, |e issuing body. | |
| 776 | |z 1-4755-7356-1 | ||
| 776 | |z 1-4755-8636-1 | ||
| 830 | 0 | |a IMF working paper ; |v WP/12/270. | |
| 856 | 4 | 0 | |u https://ebsco.uam.elogim.com/login.aspx?direct=true&scope=site&db=nlebk&AN=520718 |z Texto completo |
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