Morana, Claudio - In: Journal of Banking & Finance 37 (2013) 1, pp. 206-226
What is the role of financial speculation in determining the real oil price? We find that while macroeconomic shocks have been the main real oil price upward driver since mid-1980s, financial shocks have sizably contributed since early 2000s as well, and at a much larger extent since mid-2000s....