While oil price fluctuations in the past can be explained by pure supply factors, this book argues that it is monetary policy that plays a significant role in s

The global crude oil market is critically important in many respects. It is the fuel that drives the global economy and, as such, is the focus of climate polici

United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous sho

The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a s

This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration