Modeling Demand in International and Macro Economics [electronic resource].
Year: 2013
Type: article
Abstract: demand for oil as well as shocks to flow demand and flow supply. Our estimates rule out explanations of the 2003-08 oil price surge based on unexpectedly diminishing oil supplies and based on speculative trading. Instead, this surge was caused by unexpected increases in world oil consumption driven by the global business cycle. There is evidence, however, that speculative demand shifts played an important role during earlier oil price shock episodes including 1979, 1986, and 1990.
Author: Murphy, Daniel Patrick.
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W7002077769