Oil Efficiency , Demand , and Prices : a Tale of Ups and Downs ∗

@inproceedings{Bodenstein2011OilE,
  title={Oil Efficiency , Demand , and Prices : a Tale of Ups and Downs ∗},
  author={Martin Bodenstein and L. Guerrieri},
  year={2011}
}
The macroeconomic implications of oil price fluctuations vary according to their sources. Our estimated two-country DSGE model distinguishes between country-specific oil supply shocks, various domestic and foreign activity shocks, and oil efficiency shocks. Changes in foreign oil efficiency, modeled as factor-augmenting technology, were the key driver of fluctuations in oil prices between 1984 and 2008, but have modest effects on U.S. activity. A pickup in foreign activity played an important… CONTINUE READING

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