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...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
|
| Schriftenreihe: | IMF working paper ;
WP/12/270. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "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 |
| Beschreibung: | Title from PDF title page (IMF Web site, viewed November 26, 2012). "Research Department"--Page 2 of pdf "November 2012"--Page 2 of pdf |
| Beschreibung: | 1 online resource (41 pages) : illustrations |
| Bibliographie: | Includes bibliographical references (pages 22-25). |
| ISBN: | 9781475573565 1475573561 9781475598438 1475598432 1616357029 9781616357023 |
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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. |
| 260 | |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 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. | ||
| 650 | 0 | |a Petroleum products |x Prices |x Econometric models. | |
| 650 | 0 | |a Petroleum products |x Storage. |0 http://id.loc.gov/authorities/subjects/sh85100453 | |
| 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. |0 http://id.loc.gov/authorities/names/no2010005419 | |
| 700 | 1 | |a Unsal, D. Filiz, |e author. |0 http://id.loc.gov/authorities/names/no2010005428 | |
| 710 | 2 | |a International Monetary Fund. |b Research Department, |e issuing body. |0 http://id.loc.gov/authorities/names/n77001219 | |
| 758 | |i has work: |a On the sources and consequences of oil price shocks (Text) |1 https://id.oclc.org/worldcat/entity/E39PCFKhKXdFg4fYYCqCqjFTh3 |4 https://id.oclc.org/worldcat/ontology/hasWork | ||
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| adam_text | |
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| author | Unalmis, Deren Unalmis, Ibrahim Unsal, D. Filiz |
| author_GND | http://id.loc.gov/authorities/names/no2009076220 http://id.loc.gov/authorities/names/no2010005419 http://id.loc.gov/authorities/names/no2010005428 |
| author_facet | Unalmis, Deren Unalmis, Ibrahim Unsal, D. Filiz |
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| contents | 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. |
| ctrlnum | (OCoLC)819351871 |
| dewey-full | 338.2/3 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 338 - Production |
| dewey-raw | 338.2/3 |
| dewey-search | 338.2/3 |
| dewey-sort | 3338.2 13 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
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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. 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| id | ZDB-4-EBU-ocn819351871 |
| illustrated | Illustrated |
| indexdate | 2024-11-26T14:49:07Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/n77001219 |
| isbn | 9781475573565 1475573561 9781475598438 1475598432 1616357029 9781616357023 |
| language | English |
| oclc_num | 819351871 |
| open_access_boolean | |
| owner | MAIN DE-863 DE-BY-FWS |
| owner_facet | MAIN DE-863 DE-BY-FWS |
| physical | 1 online resource (41 pages) : illustrations |
| psigel | ZDB-4-EBU |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Unalmis, Deren, author. http://id.loc.gov/authorities/names/no2009076220 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 text txt rdacontent computer c rdamedia online resource cr rdacarrier polychrome. rdacc http://rdaregistry.info/termList/RDAColourContent/1003 data file Bibliography IMF working paper ; WP/12/270 Title from PDF title page (IMF Web site, viewed November 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 Includes bibliographical references (pages 22-25). 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. English. Petroleum products Prices Econometric models. Petroleum products Storage. http://id.loc.gov/authorities/subjects/sh85100453 Produits pétroliers Prix Modèles économétriques. Produits pétroliers Stockage. BUSINESS & ECONOMICS Industries General. bisacsh Petroleum products Prices Econometric models fast Petroleum products Storage fast Unalmis, Ibrahim, author. http://id.loc.gov/authorities/names/no2010005419 Unsal, D. Filiz, author. http://id.loc.gov/authorities/names/no2010005428 International Monetary Fund. Research Department, issuing body. http://id.loc.gov/authorities/names/n77001219 has work: On the sources and consequences of oil price shocks (Text) https://id.oclc.org/worldcat/entity/E39PCFKhKXdFg4fYYCqCqjFTh3 https://id.oclc.org/worldcat/ontology/hasWork 1-4755-7356-1 1-4755-8636-1 IMF working paper ; WP/12/270. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBU FWS_PDA_EBU https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=520718 Volltext |
| spellingShingle | Unalmis, Deren Unalmis, Ibrahim Unsal, D. Filiz On the sources and consequences of oil price shocks : the role of storage / IMF working paper ; 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. Petroleum products Prices Econometric models. Petroleum products Storage. http://id.loc.gov/authorities/subjects/sh85100453 Produits pétroliers Prix Modèles économétriques. Produits pétroliers Stockage. BUSINESS & ECONOMICS Industries General. bisacsh Petroleum products Prices Econometric models fast Petroleum products Storage fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85100453 |
| 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 | Petroleum products Prices Econometric models. Petroleum products Storage. http://id.loc.gov/authorities/subjects/sh85100453 Produits pétroliers Prix Modèles économétriques. Produits pétroliers Stockage. BUSINESS & ECONOMICS Industries General. bisacsh Petroleum products Prices Econometric models fast Petroleum products Storage fast |
| topic_facet | Petroleum products Prices Econometric models. Petroleum products Storage. Produits pétroliers Prix Modèles économétriques. Produits pétroliers Stockage. BUSINESS & ECONOMICS Industries General. Petroleum products Prices Econometric models Petroleum products Storage |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=520718 |
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