It has been 40 years since the oil crisis of 1973/74. This crisis has been one of the defining
economic events of the 1970s and has shaped how many economists think about oil price …

Research on oil markets conducted during the last decade has challenged long-held beliefs
about the causes and consequences of oil price shocks. As the empirical and theoretical …

In recent years, our understanding of the nature of energy price shocks and their effects on
the economy has evolved dramatically. Only a few years ago, the prevailing view in the …

What is the role of financial speculation in determining the real oil price? We find that while
macroeconomic shocks have been the main real oil price upward driver since mid-1980s …

Many observers regard the world oil market as a puzzle. Why are oil prices so volatile? Why
did prices spike in the summer of 2008, and what role did speculators play? How important …

It'sa fair bet that most of what you think you know about oil prices is wrong. Despite the
massive price fluctuations of the past decade, the received wisdom on the subject has …

Although oil price shocks have long been viewed as one of the leading candidates for
explaining US recessions, surprisingly little is known about the extent to which oil price …

During the first quarter of 2002, the price of crude oil averaged $19.67 per barrel. Four years
later, in the first quarter of 2006, the average price of oil had risen to $63 per barrel. Indeed …

Recent theoretical work suggests that oil price shocks may have an adverse impact on the
macroeconomy, not only because they increase the level of oil prices, but also because they …

Our understanding of the sources of oil price fluctuations and their effects on the US
economy has undergone important transformations in the last decades. First, several studies …