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Autore: |
Unalmis Deren
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Titolo: |
On the Sources and Consequences of Oil Price Shocks : : The Role of Storage / / Deren Unalmis, Ibrahim Unalmis, Filiz Unsal
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Pubblicazione: | Washington, D.C. : , : International Monetary Fund, , 2012 |
Edizione: | 1st ed. |
Descrizione fisica: | 1 online resource (42 p.) |
Disciplina: | 338.29346 |
Soggetto topico: | Petroleum products - Prices - Econometric models |
Petroleum products - Storage | |
Investments: Energy | |
Inflation | |
Macroeconomics | |
Economic Theory | |
General Aggregative Models: Keynes | |
Keynesian | |
Post-Keynesian | |
Energy and the Macroeconomy | |
Energy: Demand and Supply | |
Prices | |
Energy: General | |
Commodity Markets | |
Price Level | |
Deflation | |
Agriculture: Aggregate Supply and Demand Analysis | |
Investment & securities | |
Economic theory & philosophy | |
Oil prices | |
Oil | |
Commodity price fluctuations | |
Supply shocks | |
Commodities | |
Economic theory | |
Petroleum industry and trade | |
Supply and demand | |
Soggetto geografico: | United States |
Altri autori: |
UnalmisIbrahim
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Note generali: | At head of title: Research Department -- verso of t.p. |
"November 2012"-- verso of t.p. | |
Nota di bibliografia: | Includes bibliographical references (p. 22-25). |
Nota di contenuto: | 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 |
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 | |
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. |
Titolo autorizzato: | On the Sources and Consequences of Oil Price Shocks ![]() |
ISBN: | 1-61635-702-9 |
1-4755-9843-2 | |
1-283-94779-X | |
Formato: | Materiale a stampa ![]() |
Livello bibliografico | Monografia |
Lingua di pubblicazione: | Inglese |
Record Nr.: | 9910817344703321 |
Lo trovi qui: | Univ. Federico II |
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