Oil exporters typically do not consider below-ground assets when allocating their sovereign wealth fund portfolios, and … ignore above-ground assets when extracting oil. We present a unified framework for considering both. Subsoil oil should alter … any unhedged volatility must be managed by precautionary savings. If oil prices are pro-cyclical, oil should be extracted …

This article examines how the shale oil revolution has shaped the evolution of U.S. crude oil and gasoline prices. It … puts the evolution of shale oil production into historical perspective, highlights uncertainties about future shale oil … lower U.S. gasoline prices. It explains why the shale oil revolution unlike the shale gas revolution is unlikely to …

Some observers have conjectured that the decline in the price of oil after June 2014 resulted from positive oil supply … shocks in the second half of 2014. Others have suggested that a major shock to oil price expectations occurred when in late … November 2014 OPEC announced that it would maintain current production levels despite the steady increase in non-OPEC oil …

discoveries increase per capita oil production and oil exports by up to 50 percent. But these giant oilfield discoveries also have …

technical progress in the energy sector. We evaluate a range of innovation policies, both as a stand-alone instrument and in …

responses to the inflation triggered by oil price shocks are an important source of aggregate fluctuations in the U.S. economy …. We show that there is no evidence of systematic monetary policy responses to oil price shocks after 1987 and that this … VAR models, the Federal Reserve was not responding to the inflation triggered by oil price shocks, as commonly presumed …