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On the sources and consequences of oil price shocks [electronic resource] : the role of storage / Deren Unalmis, Ibrahim Unalmis, and D. Filiz Unsal.

By: Contributor(s): Material type: TextTextSeries: IMF working paper ; WP/12/270.Publication details: [Washington, D.C.] : International Monetary Fund, ©2012.Description: 1 online resource (41 pages) : illustrationsContent type:
  • text
Media type:
  • computer
Carrier type:
  • online resource
ISBN:
  • 9781475573565
  • 1475573561
Subject(s): Genre/Form: DDC classification:
  • 338.2/3 23
LOC classification:
  • HG3881.5.I58 W67 No. 12/270eb
Online resources: Summary: "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.
Holdings
Item type Current library Collection Call number Status Date due Barcode Item holds
eBook eBook e-Library EBSCO Business Available
Total holds: 0

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.

Includes bibliographical references (pages 22-25).

Master record variable field(s) change: 072, 082

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