Oil Consumption , Economic Growth , and Oil Futures : A Fundamental Alternative to Financialization ∗

@inproceedings{Ready2015OilC,
  title={Oil Consumption , Economic Growth , and Oil Futures : A Fundamental Alternative to Financialization ∗},
  author={Robert C. Ready},
  year={2015}
}
  • Robert C. Ready
  • Published 2015
I present new evidence on the relations between oil consumption, oil prices, and economic growth, and build on this evidence to develop a real business cycle model to study oil prices. The model features oil driven long-run productivity risk and recursive preferences, and an oil good which is used for both production and final consumption. Calibrated model results can match the relations between oil prices and economic quantities, and can rationalize changes in oil futures markets from 2005 to… CONTINUE READING
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