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Autore: | Unalmis Deren |
Titolo: | On the sources and consequences of oil price shocks [[electronic resource] ] : the role of storage / / Deren Unalmis, Ibrahim Unalmis, and D. Filiz Unsal |
Pubblicazione: | Washington, D.C., : International Monetary Fund, c2012 |
Descrizione fisica: | 1 online resource (42 p.) |
Soggetto topico: | Petroleum products - Prices - Econometric models |
Petroleum products - Storage | |
Soggetto genere / forma: | Electronic books. |
Altri autori: | UnalmisIbrahim UnsalD. Filiz |
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 rol |
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.: | 9910453122503321 |
Lo trovi qui: | Univ. Federico II |
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