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LDC Cooperation in World Oil Conservation

Stephen P.A. Brown and Hillard G. Huntington

Year: 1994
Volume: Volume 15
Number: Special Issue
DOI: 10.5547/ISSN0195-6574-EJ-Vol15-NoSI-17
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Abstract:
Environmental concerns are leading many industrialized countries to consider measures which would reduce their consumption of oil, as well as other energy sources. The reluctance of the developing countries to join in these conservation efforts will reduce the policy's effectiveness. This paper explores the conditions under which the exclusion of important oil consumers (like developing countries) would weaken unilateral OECD actions to conserve oil.Oil conservation undertaken unilaterally by the OECD can lead to lower world oil prices, and offsetting increases in oil consumption elsewhere. We provide estimates of these offsetting effects and how they influence the costs of participating in the policy. We also examine the effect of adding and excluding countries to a coordinated policy of oil conservation.



Oil Price Shocks and the U.S. Economy: Where Does the Asymmetry Originate?

Nathan S. Balke, Stephen P.A. Brown and Mine K. Yucel

Year: 2002
Volume: Volume23
Number: Number 3
DOI: 10.5547/ISSN0195-6574-EJ-Vol23-No3-2
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Abstract:
Rising oil prices appear to retard aggregate U.S. economic activity by more than falling oil prices stimulate it. Past research suggests adjustment costs, financial stress, and/or monetary policy may be possible explanations for the asymmetric response. This paper uses a near vector autoregressive model of the U.S. economy to examine where the asymmetry might originate. The analysis uses counterfactual experiments to determine that monetary policy alone cannot account for the asymmetry.





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