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|z 9781475586367
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|a 1018-5941
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|a BD-DhAAL
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|a Unalmis, Deren.
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|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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|a Washington, D.C. :
|b International Monetary Fund,
|c 2012.
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|a 1 online resource (41 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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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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|a Mode of access: Internet
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|a Unalmis, Ibrahim.
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|a Unsal, Filiz.
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|a IMF Working Papers; Working Paper ;
|v No. 2012/270
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2012/270/001.2012.issue-270-en.xml
|z IMF e-Library
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