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

Economists have proposed a large variety of models of the oil market and this survey integrates them in a coherent framework.

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

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