Review of approaches to oil price modeling
AbstractA huge size of an oil market and its relation to economic growth and global wealth distribution make the oil an unique commodity. Oil price prediction is associated with plans of development of states as well as firms. Jumps in oil prices influence world economy similarly to natural disasters of planet scale. There is no surprise that a lot of publications are devoted to research of an oil market, modeling and forecasting of oil prices. This paper gives main facts describing an oil market and oil prices behavior. We give a review of modern literature devoted to an oil market and consider main approaches to modeling and forecasting oil prices. (in Russian)
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Bibliographic InfoPaper provided by European University at St. Petersburg, Department of Economics in its series EUSP Deparment of Economics Working Paper Series with number Ec-05/10.
Length: 28 pages
Date of creation: 19 Oct 2010
Date of revision: 16 Dec 2010
oil price; modeling; forecasting;
Find related papers by JEL classification:
- O13 - Economic Development, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-01-23 (All new papers)
- NEP-CWA-2011-01-23 (Central & Western Asia)
- NEP-ENE-2011-01-23 (Energy Economics)
- NEP-FOR-2011-01-23 (Forecasting)
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