Rabah Arezki, 18 August 2016

The dramatic and largely unexpected collapse in oil prices has sparked intense debate over the causes and consequences. This column argues that a broader energy perspective is now needed to comprehend oil’s long-term outlook, and provides answers to several questions about the oil market in the global economy.

Lutz Kilian, 25 February 2015

Between June and December 2014, the Brent price of crude oil fell by 44%, resulting in one of the most dramatic declines in the price of oil in recent history. This column presents a new quantitative analysis of the market for crude oil. According to the model the authors use, around half of the decline ($27) was predictable using publicly available information. A part of this decline was due to a slowdown in global economic activity, but the major part came from supply and demand shocks in the oil market. Nevertheless, there are reasons to expect the decline in oil prices to end soon.

Livia Chiţu, Barry Eichengreen, Arnaud Mehl, 17 March 2014

The dollar remains dominant in the global monetary system. The clearest sign for its prevailing status is the dollar’s role as an exclusive currency used in the global oil market. This column suggests that there is room for more than one international currency even in a market as homogenous as the oil one. This is consistent with the view that network increasing returns are not as strong as sometimes supposed, first-mover advantage is not everything, and incumbency is no guarantee for continued dominance.

Events

  • 17 - 18 August 2019 / Peking University, Beijing / Chinese University of Hong Kong – Tsinghua University Joint Research Center for Chinese Economy, the Institute for Emerging Market Studies at Hong Kong University of Science and Technology, the Guanghua School of Management at Peking University, the Stanford Center on Global Poverty and Development at Stanford University, the School of Economics and Management at Tsinghua University, BREAD, NBER and CEPR
  • 19 - 20 August 2019 / Vienna, Palais Coburg / WU Research Institute for Capital Markets (ISK)
  • 29 - 30 August 2019 / Galatina, Italy /
  • 4 - 5 September 2019 / Roma Eventi, Congress Center, Pontificia Università Gregoriana Piazza della Pilotta, 4, Rome, Italy / European Center of Sustainable Development , CIT University
  • 9 - 14 September 2019 / Guildford, Surrey, UK / The University of Surrey

CEPR Policy Research