Oil Prices and the Global Economy.:
This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, a...
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| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Washington, D.C., UNITED STATES :
INTERNATIONAL MONETARY FUND,
2017.
|
| Series: | IMF Working Papers.
|
| Subjects: | |
| Online Access: | DE-862 DE-863 |
| Summary: | This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend. |
| Physical Description: | 1 online resource (31) |
| ISBN: | 147557780X 9781475577808 |
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| 520 | 3 | |a This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend. | |
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| indexdate | 2025-03-18T14:28:00Z |
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| spelling | Arezki, Rabah, Mr. Oil Prices and the Global Economy. Washington, D.C., UNITED STATES : INTERNATIONAL MONETARY FUND, 2017. 1 online resource (31) text txt rdacontent computer c rdamedia online resource cr rdacarrier Print version record. This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend. Petroleum industry and trade Econometric models. Petroleum products Prices Econometric models. Pétrole Industrie et commerce Modèles économétriques. Produits pétroliers Prix Modèles économétriques. BUSINESS & ECONOMICS Industries General. bisacsh Petroleum industry and trade Econometric models fast Petroleum products Prices Econometric models fast has work: Oil Prices and the Global Economy (Text) https://id.oclc.org/worldcat/entity/E39PCYkCRpP9qgpxkBk4fWYCcd https://id.oclc.org/worldcat/ontology/hasWork Print version: Arezki, Rabah. Oil Prices and the Global Economy. Washington, D.C. : International Monetary Fund, ©2017 9781475572360 IMF Working Papers. |
| spellingShingle | Arezki, Rabah, Mr. Oil Prices and the Global Economy. IMF Working Papers. Petroleum industry and trade Econometric models. Petroleum products Prices Econometric models. Pétrole Industrie et commerce Modèles économétriques. Produits pétroliers Prix Modèles économétriques. BUSINESS & ECONOMICS Industries General. bisacsh Petroleum industry and trade Econometric models fast Petroleum products Prices Econometric models fast |
| title | Oil Prices and the Global Economy. |
| title_auth | Oil Prices and the Global Economy. |
| title_exact_search | Oil Prices and the Global Economy. |
| title_full | Oil Prices and the Global Economy. |
| title_fullStr | Oil Prices and the Global Economy. |
| title_full_unstemmed | Oil Prices and the Global Economy. |
| title_short | Oil Prices and the Global Economy. |
| title_sort | oil prices and the global economy |
| topic | Petroleum industry and trade Econometric models. Petroleum products Prices Econometric models. Pétrole Industrie et commerce Modèles économétriques. Produits pétroliers Prix Modèles économétriques. BUSINESS & ECONOMICS Industries General. bisacsh Petroleum industry and trade Econometric models fast Petroleum products Prices Econometric models fast |
| topic_facet | Petroleum industry and trade Econometric models. Petroleum products Prices Econometric models. Pétrole Industrie et commerce Modèles économétriques. Produits pétroliers Prix Modèles économétriques. BUSINESS & ECONOMICS Industries General. Petroleum industry and trade Econometric models Petroleum products Prices Econometric models |
| work_keys_str_mv | AT arezkirabahmr oilpricesandtheglobaleconomy |