This paper assesses the impact of oil price changes on Spanish and euro area consumer price inflation. We find, consistently with recent international evidence, that the inflationary effect of oil price changes is limited, even though crude oil price fluctuations are a major driver of inflation...

Saudi Arabia is the largest player in the world oil market. It maintains ample spare capacity, restricts investment in developing reserves, and its output is negatively correlated with other OPEC producers. While this behavior does not fit into the perfect competition paradigm, we show that it...

Este documento presenta un modelo de equilibrio general del mercado global de petróleo, en el que tanto el precio del mismo como su producción y consumo se determinan conjuntamente como resultado de un proceso de decisiones estratégicas de importadores y exportadores de crudo. Por el lado de...

We present a general equilibrium model of the global oil market, in which the oil price, oil production, and consumption, are jointly determined as outcomes of the optimizing decisions of oil importers and oil exporters. On the supply side the oil market is modelled as a dominant firm – Saudi...

This paper studies the effect of the inflation on oil and gold prices in the post-war period. It presents a monetary explanation of oil and gold pricing through a cash-in-advance economy. It tests the hypothesis that the oil and gold price rises, including those during the "oil shocks" in 1974...

We present a general equilibrium model of the global oil market, in which the oil price, oil production, and consumption, are jointly determined as outcomes of the optimizing decisions of oil importers and oil exporters. On the supply side the oil market is modeled as a dominant firm – Saudi...

Saudi Arabia Is the largest player In the world oil market. It maintains ample spare capacity, restricts investment in developing reserves, and its output is negatively correlated with other OPEC producers. While this behavior does not fit into the perfect competition paradigm, we show that it...

The paper presents a theory of nominal asset prices for competitively owned oil. Focusing on monetary effects, with flexible oil prices the US dollar oil price should follow the aggregate US price level. But with rigid nominal oil prices, the nominal oil price jumps proportionally to nominal...