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 …

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 …

The extent to which either supply or demand factors drive inflation has important implications
for economic policy. I propose a framework to decompose inflation into supply‐and demand …

Studies identifying oil shocks using structural vector autoregressions (VARs) reach different
conclusions on the relative importance of supply and demand factors in explaining oil …

Following four years of relative stability at around $105 per barrel, oil prices have declined
sharply since June 2014. This paper presents a comprehensive analysis of the sources of …

While the relationship between oil prices and stock markets is of great interest to
economists, previous studies do not differentiate oil-exporting countries from oil-importing …

I quantify the contribution of sectoral shocks to business cycle fluctuations in aggregate
output. I develop and estimate a multi-industry general equilibrium model in which each …

This paper uses a flexible approach to characterize the nonlinear relation between oil price
changes and GDP growth. The paper reports clear evidence of nonlinearity, consistent with …

This paper studies the macroeconomic effects of energy price shocks in energy-importing
economies using a heterogeneous-agent New Keynesian model. When MPCs are …

This paper explores the impact of investor flows and financial market conditions on returns in
crude oil futures markets. I argue that informational frictions and the associated speculative …