Search Results
Working Paper
The policy sensitivity of industries and regions
Working Paper
Fuel subsidies, the oil market and the world economy
This paper studies the e ffects of oil producing countries' fuel subsidies on the oil market and the world economy. We identify 24 oil producing countries with fuel subsidies where retail fuel prices are about 34 percent of the world price. We construct a two-country model where one country represents the oil-exporting subsidizers and the second the oil-importing bloc, and calibrate the model to match recent data. We find that the removal of subsidies would reduce the world price of oil by six percent. The removal of subsidies is unambiguously welfare enhancing for the oil-importing ...
Monograph
The border economy; introduction
Journal Article
Oil and gas rises again in a diversified Texas
The oil and gas industry has been a driver of the Texas economy for the past 40 years. Its contribution declined with the oil-led recession of 1986 and appeared to slip further in the 1990s as the high-tech industry boomed. But oil and natural gas prices have risen since 1999, reaching record highs in 2008. This resurgence has boosted energy activity and factored into the recent economic recovery in Texas, affirming the industry?s long-held prominence in the state. ; An econometric model developed by the Federal Reserve Bank of Dallas documents the state?s evolving energy fortunes since the ...
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
The uneven distribution of health insurance
Journal Article
The Texas economy: an overview of '96 and outlook for '97
Journal Article
Evaluating the Eleventh District's Beige Book
In this study, Nathan Balke and Mine Yucel ask whether the Eleventh Federal Reserve District's Beige Book description contains timely information about economic activity within the District. They examine whether the Beige Book description tracks current Texas real gross state product (GSP) growth and current Texas employment growth. They also study whether the Beige Book has information about growth not present in other regional indicators that would have been available to analysts at the time of the Beige Book's release. They find that both the Beige Book summary and the average across ...
Working Paper
Did residential electricity rates fall after retail competition? a dynamic panel analysis
A key selling point for the restructuring of electricity markets was the promise of lower prices, that competition among independent power suppliers would lower electricity prices to retail customers. There is not much consensus in earlier studies on the effects of electricity deregulation, particularly for residential customers. Part of the reason for not finding a consistent link with deregulation and lower prices was that the removal of the transitional price caps led to higher prices. In addition, the timing of the removal of price caps coincided with rising fuel prices, which were passed ...
Working Paper
The U.S. Shale Oil Boom, the Oil Export Ban, and the Economy: A General Equilibrium Analysis Nida
This paper examines the e ects of the U.S. shale oil boom in a two-country DSGE model where countries produce crude oil, re ned oil products, and a non-oil good. The model in- {{p}} corporates di erent types of crude oil that are imperfect substitutes for each other as inputs into the re ning sector. The model is calibrated to match oil market and macroeconomic data for the U.S. and the rest of the world (ROW). {{p}} We investigate the implications of a signicant {{p}} increase in U.S. light crude oil production similar to the shale oil boom. Consistent with the data, our model predicts that ...