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Price elasticity of demand for crude oil: estimates for 23 countries

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John C.B. Cooper
Abstract

This paper uses a multiple regression model derived from an adaptation of Nerlove's partial adjustment model to estimate both the short-run and long-run elasticities of demand for crude oil in 23 countries. The estimates so obtained confirm that the demand for crude oil internationally is highly insensitive to changes in price. Copyright 2003 Organization of the Petroleum Exporting Countries.

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Article provided by Organization of the Petroleum Exporting Countries in its journal OPEC Review.

Volume (Year): 27 (2003)
Issue (Month): 1 (03)
Pages: 1-8
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Handle: RePEc:bla:opecrv:v:27:y:2003:i:1:p:1-8

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  1. Martin Bodenstein & Christopher J. Erceg & Luca Guerrieri, 2007. "Oil shocks and external adjustment," International Finance Discussion Papers 897, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  2. Kangni Kpodar, 2006. "Distributional Effects of Oil Price Changes on Household Expenditures: Evidence from Mali," IMF Working Papers 06/91, International Monetary Fund. [Downloadable!]
  3. Gilbert E. Metcalf, 2006. "Federal Tax Policy Towards Energy," Discussion Papers Series, Department of Economics, Tufts University 0612, Department of Economics, Tufts University. [Downloadable!]
    Other versions:
  4. Leonid Kogan & Dmitry Livdan & Amir Yaron, 2005. "Futures Prices in a Production Economy with Investment Constraints," NBER Working Papers 11509, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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