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[null,"1.","Record Nr.",null,"UNINA9910973896503321"]
[null,null,"Autore",null,"Unalmis Deren"]
[null,null,"Titolo",null,"On the Sources and Consequences of Oil Price Shocks : : The Role of Storage / / Deren Unalmis, Ibrahim Unalmis, Filiz Unsal"]
[null,null,"Pubbl/distr/stampa",null,"Washington, D.C. : , : International Monetary Fund, , 2012"]
[null,null,"ISBN",null,"9781616357023"]
[{"$nulls":4},"1616357029"]
[{"$nulls":4},"9781475598438"]
[{"$nulls":4},"1475598432"]
[{"$nulls":4},"9781283947794"]
[{"$nulls":4},"128394779X"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"1 online resource (42 p.)"]
[null,null,"Collana",null,"IMF Working Papers"]
[{"$nulls":4},"IMF working paper ; ; WP/12/270"]
[null,null,"Disciplina",null,"338.29346"]
[null,null,"Soggetti",null,"Petroleum products - Prices - Econometric models"]
[{"$nulls":4},"Petroleum products - Storage"]
[{"$nulls":4},"Investments: Energy"]
[{"$nulls":4},"Inflation"]
[{"$nulls":4},"Macroeconomics"]
[{"$nulls":4},"Economic Theory"]
[{"$nulls":4},"General Aggregative Models: Keynes"]
[{"$nulls":4},"Keynesian"]
[{"$nulls":4},"Post-Keynesian"]
[{"$nulls":4},"Energy and the Macroeconomy"]
[{"$nulls":4},"Energy: Demand and Supply"]
[{"$nulls":4},"Prices"]
[{"$nulls":4},"Energy: General"]
[{"$nulls":4},"Commodity Markets"]
[{"$nulls":4},"Price Level"]
[{"$nulls":4},"Deflation"]
[{"$nulls":4},"Agriculture: Aggregate Supply and Demand Analysis"]
[{"$nulls":4},"Investment & securities"]
[{"$nulls":4},"Economic theory & philosophy"]
[{"$nulls":4},"Oil prices"]
[{"$nulls":4},"Oil"]
[{"$nulls":4},"Commodity price fluctuations"]
[{"$nulls":4},"Supply shocks"]
[{"$nulls":4},"Commodities"]
[{"$nulls":4},"Economic theory"]
[{"$nulls":4},"Petroleum industry and trade"]
[{"$nulls":4},"Supply and demand"]
[{"$nulls":4},"United States"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","At head of title: Research Department -- verso of t.p."]
[{"$nulls":4},"\"November 2012\"-- verso of t.p."]
[null,null,null,"Nota di bibliografia","Includes bibliographical references (p. 22-25)."]
[null,null,"Nota di contenuto",null,"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"]
[{"$nulls":4},"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"]
[null,null,null,"Sommario/riassunto","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."]