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Journal Article
Food for crude
Working Paper
OPEC’s oil exporting strategy and macroeconomic (in)stability
Aguiar-Conraria and Wen (2008) argued that dependence on foreign oil raises the likelihood of equilibrium indeterminacy (economic instability) for oil importing countries. We argue that this relation is more subtle. The endogenous choices of prices and quantities by a cartel of oil exporters, such as the OPEC, can affect the directions of the changes in the likelihood of equilibrium indeterminacy. We show that fluctuations driven by self-fulfilling expectations under oil shocks are easier to occur if the cartel sets the price of oil, but the result is reversed if the cartel sets the quantity ...
Journal Article
OPEC: $27? $30? $40?
Journal Article
Does OPEC set oil prices?
Journal Article
The changing pattern of U.S. trade: 1975-1985
Journal Article
Invest in the U.S.A.?
Journal Article
Crude awakening: behind the surge in oil prices
The first few months of 2008 saw crude oil prices breach one barrier after another. They topped $100 a barrel for the first time on Feb. 19, then rose past $103.76 about two weeks later, surpassing the previous inflation-adjusted peak, established in 1980. In April and early May, oil prices pushed past $110 and then $120 a barrel and beyond. ; These milestones reflect a new era in oil markets. After the tumult of the early 1980s, prices remained relatively tame for two decades - in both real and nominal terms. This long stretch of stability ended in 2004, when oil topped $40 a barrel for the ...
Journal Article
OPEC and oil prices