Oil Prices and the Global Economy.

By:

Arezki, Rabah, Mr

Material type: Text

TextSeries: IMF Working PapersPublication details: Washington, D.C., UNITED STATES : INTERNATIONAL MONETARY FUND, 2017.Description: 1 online resource (31)Content type:

text

Media type:

computer

Carrier type:

online resource

ISBN:

147557780X
9781475577808

Subject(s):

Genre/Form:

Electronic books.

Additional physical formats: Print version:: Oil Prices and the Global Economy.DDC classification:

338.27282 23

LOC classification:

HD9560.5

Online resources:

Click here to access online

Abstract: 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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Electronic-Books	OPJGU Sonepat- Campus	E-Books EBSCO			Available

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.

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