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Real Oil Prices since the 1990s

Author

Listed:
  • Claudio Morana

    (University of Milan-Bicocca, CeRP-Collegio Carlo Alberto, Fondazione Eni Enrico Mattei, International Centre for Economic Research)

Abstract

In this study real oil price dynamics have been assessed over few important episodes since the 1990s. The evidence provides support to the demand side view: in this respect, macroeconomic shocks would appear to be the major upward driver of the real oil price over the whole period investigated, with financial shocks sizably contributing as well, and even at a larger extent since mid-2000s. A macro-finance perspective does appear to be important for the understanding of real oil price dynamics since the 1990s.

Suggested Citation

  • Claudio Morana, 2012. "Real Oil Prices since the 1990s," Review of Environment, Energy and Economics - Re3, Fondazione Eni Enrico Mattei, January.
    • Handle: RePEc:fem:femre3:2012.01-08
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    Citations

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    Cited by:

    1. Morana, Claudio, 2017. "Macroeconomic and financial effects of oil price shocks: Evidence for the euro area," Economic Modelling, Elsevier, vol. 64(C), pages 82-96.
    2. Matteo Manera, 2013. "Introduction to a Special issue on "Financial Speculation in the Oil Markets and the Determinants of the Price of Oil"," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    3. Morana, Claudio, 2012. "Oil price dynamics, macro-finance interactions and the role of financial speculation," Conference papers 332210, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.

    More about this item

    Keywords

    Oil price; Macro-finance Interface; International Business Cycle; Factor Vector Autoregressive Models;
    All these keywords.

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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