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We build an equilibrium model to disentangle industry-specific from business cycle effects of oil on stock returns. We consider oil as an input factor for production and also as a macro variable. We estimate the model for 13 industries, including the oil industry. Our results suggest that the value of all non-oil industries decreases with an oil price(More)
We illustrate the basic features of the Lattice Boltzmann Equation (LBE), a new finite-difference scheme that arises from the microdynamics of the Frisch-Hasslacher-Pomcau cellular automation once, instead of tracking the individual history of each particle, one only solves for the mean values of the particle populations living in the lattice. Details on(More)
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