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This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration

The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a s

United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous sho

The global crude oil market is critically important in many respects. It is the fuel that drives the global economy and, as such, is the focus of climate polici

The recent plunge in oil prices has brought into question the generally accepted view that lower oil prices are good for the United States and the global econom