Fattouh, Bassam; Scaramozzino, Pasquale - In: Oxford Review of Economic Policy 27 (2011) 1, pp. 186-206
One of the major features of the oil market during the 1990s was the relative stability of the long-term oil price. While the spot price exhibited sharp price volatility, that volatility was only partially transmitted to the back end of the futures curve which was anchored around the $20--22 per...
