Search Results
Journal Article
Natural gas pricing: do oil prices still matter?
Working Paper
Protecting social interest in free invention
Journal Article
The pricing of natural gas in U.S. markets
Stephen Brown and Mine Ycel examine how different natural gas users and the market institutions serving them affect the transmission of price changes throughout various markets for natural gas. Electrical utilities and industrial users buy much of their natural gas in a competitive spot market served by brokers and interstate pipeline companies. In contrast, most commercial and residential customers are dependent on local distribution companies, which earn a regulated rate of return and buy their gas under long-term contracts. ; Using time-series methods, Brown and Ycel find that even in the ...
Journal Article
Oil demand and prices in the 1990s
Journal Article
Exchange rates and world oil prices
Working Paper
An econometric analysis of U.S. oil demand
Journal Article
Natural resource scarcity and technological change
Nonrenewable natural resources, such as aluminum and crude oil, exist only in fixed amounts on Earth. Consequently, some observers are concerned that natural resource scarcity will eventually limit future economic growth and human well-being. Others remain optimistic that technological change will overcome geophysical scarcity. Brown and Wolk examine the evidence for natural resource scarcity and find that over the past century reliance on free markets has promoted sufficient technological change to overcome geophysical scarcity for most nonrenewable natural resources. Rather than ...
Journal Article
Energy prices and state economic performance
Changes in energy prices have had sizable but differing effects on economic activity across the United States. The composition of each state's economy largely determines how its employment responds to changes in energy prices. In this article, Stephen Brown and Mine Yucel use simulations based on input-output analysis to assess the long-term consequences of changing oil prices on employment in each state in 1982, 1992, and 2000. Brown and Yucel find that because state economies are becoming more similar in their composition, the variation across states in the response to changing oil prices ...
Journal Article
Oil prices and U.S. aggregate economic activity: a question of neutrality
Considerable research finds oil price shocks have had major effects on U.S. output and inflation. Several recent studies argue that the response of monetary policy-rather than the oil price shocks themselves-caused the fluctuations in economic activity. Stephen Brown and Mine Yucel show that an oil price increase will lead to a decline in real GDP and an increase in the price level that are of a similar magnitude if the federal funds rate is unconstrained-a finding consistent with the definition of monetary neutrality in which nominal GDP is constant. Brown and Yucel also find that holding ...