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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 and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.

Petroleum industry and trade --- Petroleum products --- Mazut --- Petroleum --- Hydraulic fluids --- Energy industries --- Oil industries --- Econometric models. --- Prices --- Refining --- Investments: Energy --- Macroeconomics --- Economic Theory --- Industries: Energy --- Bayesian Analysis: General --- Forecasting and Other Model Applications --- Nonrenewable Resources and Conservation: Demand and Supply --- Exhaustible Resources and Economic Development --- Energy: Demand and Supply --- Energy: General --- Macroeconomics: Production --- Hydrocarbon Resources --- Agriculture: Aggregate Supply and Demand Analysis --- Investment & securities --- Petroleum, oil & gas industries --- Economic theory & philosophy --- Oil prices --- Oil --- Oil production --- Natural gas sector --- Supply elasticity --- Commodities --- Production --- Economic sectors --- Economic theory --- Gas industry --- Elasticity --- Economics --- United States

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This paper investigates the role that International Monetary Fund (IMF) programs and capacity building play in fostering structural reforms. To do so, we exploit two novel datasets on IMF capacity building and structural reforms available for over one hundred IMF member countries over the period 1980 - 2010. The main results are threefold. First, there is a general association between IMF programs and structural reforms but this relationship is not very robust. Second, IMF training leads to an increase in structural reforms but only through IMF programs and only when a significant share of public servants is trained. Third, IMF technical assistance does not significantly lead to more structural reforms but raises the likelihood of completion of ongoing IMF programs. Our results are robust to a large number of checks, estimators and correcting for endogeneity.

Business & Economics --- Economic History --- Technical assistance. --- Economic assistance. --- Economic aid --- Foreign aid program --- Foreign assistance --- Grants-in-aid, International --- International economic assistance --- International grants-in-aid --- Assistance, Technical --- Assistance, Technological --- Technological assistance --- Economic policy --- International economic relations --- Conditionality (International relations) --- Economic assistance --- Structural adjustment (Economic policy) --- International Monetary Fund. --- E-books --- Internationaal monetair fonds --- International monetary fund --- Econometrics --- Exports and Imports --- Macroeconomics --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- International Lending and Debt Problems --- Efficiency --- Optimal Taxation --- Institutions and the Macroeconomy --- Current Account Adjustment --- Short-term Capital Movements --- Estimation --- International economics --- Econometrics & economic statistics --- Structural reforms --- Estimation techniques --- Capital account --- Current account --- Macrostructural analysis --- Econometric analysis --- Balance of payments --- Econometric models --- Congo, Democratic Republic of the

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Reducing carbon emissions is the most complex political and economic problem humanity has ever confronted. Coping with the Climate Crisis brings together leading experts from academia and policy circles to explore issues related to the implementation of the COP21 Paris Agreement and the challenges of accelerating the transition toward sustainable development.The book synthesizes the key insights that emerge from the latest research in climate-change economics in an accessible and useful guide for policy makers and researchers. Contributors consider a wide range of issues, including the economic implications and realities of shifting away from fossil fuels, the role of financial markets in incentivizing development and construction of sustainable infrastructure, the challenges of evaluating the well-being of future generations, the risk associated with uncertainty surrounding the pace of climate change, and how to make climate agreements enforceable. They demonstrate the need for a carbon tax, considering the issues of efficiently pricing carbon as well as the role of supply-side policies on fossil fuels. Through a range of perspectives from academic economists and practitioners in the public and private sectors who work either at the country level or under the auspices of multilateral organizations, Coping with the Climate Crisis outlines what it will take to achieve a viable, global climate-stabilization path.

Climate change mitigation --- Climate mitigation --- Climatic changes --- Climatic mitigation --- Mitigation of climate change --- Environmental protection --- Economic aspects. --- Mitigation

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Countries with an abundance of natural resources, many of which are in sub-Saharan Africa, often show a record of relatively poor economic performance compared with non-resource-rich countries. The chapters in this volume explore the potential challenges to countries with abundant natural resources and ways to manage these challenges so as to reap the benefits of resource wealth while avoiding the pitfalls. The book is divided into five sections, which explore commodity markets and the macroeconomy, economic diversification and the role of finance, fiscal policy, exchange rates and financial stability, and governance. The ideas in this book were first presented at a seminar in November 2010 that was aimed primarily at policymakers in sub-Saharan Africa and brought together ministers, central bank governors, other senior policymakers, and well-known academics.

Diversification in industry --- Economic development --- Finance --- Fiscal policy --- Foreign exchange rates --- Monetary policy --- Natural resources --- Primary commodities --- Resource curse --- Sovereign wealth funds --- politique industrielle --- richesses naturelles --- Funds, Sovereign wealth --- SWFs (Sovereign wealth funds) --- Investment of public funds --- Curse, Resource --- Natural resources curse --- Paradox of plenty --- Basic commodities --- Commodities, Basic --- Commodities, Primary --- Primary products --- Commercial products --- National resources --- Resources, Natural --- Resource-based communities --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Tax policy --- Taxation --- Finance, Public --- Funding --- Funds --- Economics --- Currency question --- Development, Economic --- Economic growth --- Growth, Economic --- Statics and dynamics (Social sciences) --- Development economics --- Industrial diversification --- Product diversification --- Input-output analysis --- Barriers to entry (Industrial organization) --- Multiproduct firms --- industrieel beleid --- natuurlijke rijkdommen --- Economic aspects --- Rates --- Government policy --- Natural resources. --- Resource curse. --- Fiscal policy. --- Monetary policy. --- Foreign exchange rates. --- Diversification in industry. --- Economic development. --- Primary commodities. --- Finance. --- Sovereign wealth funds. --- Ressources naturelles --- Politique fiscale --- Politique monétaire --- Taux de change --- Diversification (Economie politique) --- Développement économique --- Produits de base --- Finances --- Fonds souverains --- E-books --- Investments: Energy --- Exports and Imports --- Macroeconomics --- Public Finance --- Natural Resources --- Investments: Commodities --- Foreign Exchange --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Commodity Markets --- Energy: General --- Fiscal Policy --- Metals and Metal Products --- Cement --- Glass --- Ceramics --- Environmental management --- Investment & securities --- Public finance & taxation --- International economics --- Currency --- Commodity prices --- Oil --- Metal prices --- Environment --- Prices --- Commodities --- Petroleum industry and trade --- Metals --- Chile