Ratti, Ronald A.; Vespignani, Joaquin L. - Crawford School of Public Policy, Australian National … - 2014
the “new industrial age” OPEC oil production rises significantly with an increase in oil prices, unlike during “the age of …Hamilton identifies 1973 to 1996 as “the age of OPEC” and 1997 to the present as “a new industrial age.” During 1974 …-1996 growth in non-OPEC oil production Granger causes growth in OPEC oil production. OPEC oil production decreases significantly …