TY - BOOK ID - 11263005 TI - On the Sources and Consequences of Oil Price Shocks : The Role of Storage AU - Unalmis, Deren. AU - Unalmis, Ibrahim. AU - Unsal, Filiz. AU - International Monetary Fund. PY - 2012 VL - WP/12/270 SN - 1475573561 1475586361 1616357029 1475598432 128394779X 9781475573565 9781475598438 9781475586367 9781616357023 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Business & Economics KW - Industries KW - Petroleum products KW - Prices KW - Econometric models. KW - Storage. KW - Mazut KW - Petroleum KW - Hydraulic fluids KW - Refining KW - Prices&delete& KW - Econometric models KW - Storage KW - E-books KW - Investments: Energy KW - Inflation KW - Macroeconomics KW - Economic Theory KW - General Aggregative Models: Keynes KW - Keynesian KW - Post-Keynesian KW - Energy and the Macroeconomy KW - Energy: Demand and Supply KW - Energy: General KW - Commodity Markets KW - Price Level KW - Deflation KW - Agriculture: Aggregate Supply and Demand Analysis KW - Investment & securities KW - Economic theory & philosophy KW - Oil prices KW - Oil KW - Commodity price fluctuations KW - Supply shocks KW - Commodities KW - Economic theory KW - Petroleum industry and trade KW - Supply and demand KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:11263005 AB - Building on recent work on the role of speculation and inventories in oil markets, we embed a competitive oil storage model within a DSGE model of the U.S. economy. This enables us to formally analyze the impact of a (speculative) storage demand shock and to assess how the effects of various demand and supply shocks change in the presence of oil storage facility. We find that business-cycle driven oil demand shocks are the most important drivers of U.S. oil price fluctuations during 1982-2007. Disregarding the storage facility in the model causes a considerable upward bias in the estimated role of oil supply shocks in driving oil price fluctuations. Our results also confirm that a change in the composition of shocks helps explain the resilience of the macroeconomic environment to the oil price surge after 2003. Finally, speculative storage is shown to have a mitigating or amplifying role depending on the nature of the shock. ER -