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150128 ||| eng |
| 020 |
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|a 9781475586367
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| 100 |
1 |
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|a Unalmis, Deren
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| 245 |
0 |
0 |
|a On the Sources and Consequences of Oil Price Shocks
|b The Role of Storage
|c Deren Unalmis, Ibrahim Unalmis, Filiz Unsal
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2012
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| 300 |
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|a 41 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Supply and demand
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| 653 |
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|a Energy: Demand and Supply
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| 653 |
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|a Inflation
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| 653 |
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|a Commodity price fluctuations
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| 653 |
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|a Oil prices
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| 653 |
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|a Economic Theory
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| 653 |
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|a Oil
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| 653 |
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|a Keynesian
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| 653 |
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|a Investments: Energy
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| 653 |
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|a Deflation
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| 653 |
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|a Supply shocks
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| 653 |
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|a General Aggregative Models: Keynes
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| 653 |
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|a Economic theory & philosophy
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| 653 |
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|a Petroleum industry and trade
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| 653 |
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|a Commodities
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| 653 |
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|a Price Level
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| 653 |
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|a Energy: General
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| 653 |
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|a Energy and the Macroeconomy
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| 653 |
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|a Prices
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Post-Keynesian
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| 653 |
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|a Agriculture: Aggregate Supply and Demand Analysis
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| 653 |
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|a Economic theory
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| 653 |
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|a Investment & securities
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| 653 |
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|a Commodity Markets
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| 700 |
1 |
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|a Unalmis, Ibrahim
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| 700 |
1 |
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|a Unsal, Filiz
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781475586367.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2012/270/001.2012.issue-270-en.xml?cid=40090-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|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
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