TY  - BOOK
AU  - Unalmis,Deren
AU  - Unalmis,Ibrahim
AU  - Unsal,D.Filiz
ED  - International Monetary Fund.
TI  - On the sources and consequences of oil price shocks: the role of storage 
T2  - IMF working paper
SN  - 9781475573565
AV  - HG3881.5.I58 W67 No. 12/270eb
U1  - 338.2/3 23
PY  - 2012///
CY  - [Washington, D.C.]
PB  - International Monetary Fund
KW  - Petroleum products
KW  - Prices
KW  - Econometric models
KW  - Storage
KW  - fast
KW  - Electronic books
KW  - BUSINESS & ECONOMICS / Industries / General
KW  - bisacsh
N1  - Title from PDF title page (IMF Web site, viewed Nov. 26, 2012); "Research Department"--Page 2 of pdf; "November 2012"--Page 2 of pdf; Includes bibliographical references (pages 22-25)
N2  - "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
UR  - https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=520718
ER  -