On the sources and consequences of oil price shocks: the role of storage
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
[Washington, D.C.]
International Monetary Fund
2012
|
| Series: | IMF working paper
WP/12/270 |
| Subjects: | |
| Online Access: | FLA01 |
| Item Description: | Title from PDF title page (IMF Web site, viewed Nov. 26, 2012). - "Research Department"--Page 2 of pdf. - "November 2012"--Page 2 of pdf |
| Physical Description: | 1 online resource (41 pages) illustrations |
| ISBN: | 9781475573565 1475573561 9781475598438 1475598432 |
Staff View
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| 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 |
| 264 | 1 | |a [Washington, D.C.] |b International Monetary Fund |c 2012 | |
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| 500 | |a Title from PDF title page (IMF Web site, viewed Nov. 26, 2012). - "Research Department"--Page 2 of pdf. - "November 2012"--Page 2 of pdf | ||
| 505 | 8 | |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 | |
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| contents | "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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| dewey-sort | 3338.2 13 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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| isbn | 9781475573565 1475573561 9781475598438 1475598432 |
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| spelling | Unalmis, Deren Verfasser aut On the sources and consequences of oil price shocks the role of storage Deren Unalmis, Ibrahim Unalmis, and D. Filiz Unsal [Washington, D.C.] International Monetary Fund 2012 1 online resource (41 pages) illustrations txt rdacontent c rdamedia cr rdacarrier IMF working paper WP/12/270 Title from PDF title page (IMF Web site, viewed Nov. 26, 2012). - "Research Department"--Page 2 of pdf. - "November 2012"--Page 2 of pdf "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 BUSINESS & ECONOMICS / Industries / General bisacsh Petroleum products / Prices / Econometric models fast Petroleum products / Storage fast Petroleum products Prices Econometric models Petroleum products Storage Unalmis, Ibrahim Sonstige oth Unsal, D. Filiz Sonstige oth International Monetary Fund Sonstige oth |
| spellingShingle | Unalmis, Deren 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 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 BUSINESS & ECONOMICS / Industries / General bisacsh Petroleum products / Prices / Econometric models fast Petroleum products / Storage fast Petroleum products Prices Econometric models Petroleum products Storage |
| title | On the sources and consequences of oil price shocks the role of storage |
| title_auth | On the sources and consequences of oil price shocks the role of storage |
| title_exact_search | On the sources and consequences of oil price shocks the role of storage |
| title_full | On the sources and consequences of oil price shocks the role of storage Deren Unalmis, Ibrahim Unalmis, and D. Filiz Unsal |
| title_fullStr | On the sources and consequences of oil price shocks the role of storage Deren Unalmis, Ibrahim Unalmis, and D. Filiz Unsal |
| title_full_unstemmed | On the sources and consequences of oil price shocks the role of storage Deren Unalmis, Ibrahim Unalmis, and D. Filiz Unsal |
| title_short | On the sources and consequences of oil price shocks |
| title_sort | on the sources and consequences of oil price shocks the role of storage |
| title_sub | the role of storage |
| topic | BUSINESS & ECONOMICS / Industries / General bisacsh Petroleum products / Prices / Econometric models fast Petroleum products / Storage fast Petroleum products Prices Econometric models Petroleum products Storage |
| topic_facet | BUSINESS & ECONOMICS / Industries / General Petroleum products / Prices / Econometric models Petroleum products / Storage Petroleum products Prices Econometric models Petroleum products Storage |
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