Series: IMF Working Papers
Author(s): Rabah Arezki , Zoltan Jakab , Douglas Laxton , Akito Matsumoto , Armen Nurbekyan , Hou Wang , and Jiaxiong Yao
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 27 January 2017
Keywords: Oil prices, Oil sector, Supply and demand, Oil production, Econometric models, Oil market; macroeconomic model; depletion; consumption efficiency; technology; cycle.
This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such...