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Five Decades of Modeling Oil Price Shocks: A Critical Review

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  • Mohammed, Mikidadu

Abstract

After five decades of modeling oil price shocks, their causes and repercussions remain a question of considerable interest, both in the academic literature and the policy domain. This paper critically reviews the leading explanations of the underlying causes of oil price shocks since the 1970s. Specifically, it is intended to provide insights into the theoretical, methodological, and empirical milestones together with unresolved issues from both a historical and exploratory viewpoint. The paper also provides and discusses pathways to overcome some of the unresolved issues to aid future model formulations and policy prescriptions.

Suggested Citation

  • Mohammed, Mikidadu, 2020. "Five Decades of Modeling Oil Price Shocks: A Critical Review," International Review of Environmental and Resource Economics, now publishers, vol. 14(2-3), pages 241-297, October.
    • Handle: RePEc:now:jirere:101.00000117
    DOI: 10.1561/101.00000117
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    Cited by:

    1. Carlo Andrea Bollino & Philipp Galkin, 2021. "Energy Security and Portfolio Diversification: Conventional and Novel Perspectives," Energies, MDPI, vol. 14(14), pages 1-24, July.

    More about this item

    Keywords

    Oil price shocks; oil markets; structural VAR; financial speculation;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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