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A model for world crude oil and natural gas markets is estimated. It confirms low price and high income elasticities of demand for both crude oil and natural gas, which explains the market power of oil producers and price volatility following shocks. The paper establishes a relationship between oil prices, changes in the nominal effective exchange rate (NEER) of the U.S. dollar, and the U.S. interest rates, thereby identifying demand shocks arising from monetary policy. Both interest rates and the NEER are shown to influence crude prices inversely. The results imply that crude oil prices should be included in the policy rule equation of an inflation targeting model.
Electronic books. -- local. --- Foreign exchange rates -- Econometric models. --- Interest rates -- Econometric models. --- Natural gas -- Prices -- Econometric models. --- Petroleum products -- Prices -- Econometric models. --- Investments: Energy --- Macroeconomics --- Industries: Energy --- Hydrocarbon Resources --- Energy: General --- Energy: Demand and Supply --- Prices --- Price Level --- Inflation --- Deflation --- Personal Income, Wealth, and Their Distributions --- Petroleum, oil & gas industries --- Investment & securities --- Natural gas sector --- Oil --- Oil prices --- Price elasticity --- Personal income --- Gas industry --- Petroleum industry and trade --- Income --- United States --- Petroleum products --- Natural gas --- Interest rates --- Foreign exchange rates --- Econometric models.
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Rising gas prices, sprawl and congestion, global warming, even obesity-driving is a factor in many of the most contentious issues of our time. So how did we get here? How did automobile use become so vital to the identity of Americans? Republic of Drivers looks back at the period between 1895 and 1961-from the founding of the first automobile factory in America to the creation of the Interstate Highway System-to find out how driving evolved into a crucial symbol of freedom and agency. Cotten Seiler combs through a vast number of historical, social scientific, philosophical, and literary sources to illustrate the importance of driving to modern American conceptions of the self and the social and political order. He finds that as the figure of the driver blurred into the figure of the citizen, automobility became a powerful resource for women, African Americans, and others seeking entry into the public sphere. And yet, he argues, the individualistic but anonymous act of driving has also monopolized our thinking about freedom and democracy, discouraging the crafting of a more sustainable way of life. As our fantasies of the open road turn into fears of a looming energy crisis, Seiler shows us just how we ended up a republic of drivers-and where we might be headed.
Automobiles --- National characteristics, American. --- Social values --- Social aspects --- History --- United States --- Social conditions --- Civilization --- Caractéristiques nationales américaines --- Valeurs sociales --- Histoire --- Etats-Unis --- Conditions sociales --- Civilisation --- Caractéristiques nationales américaines --- Aspect social --- American national characteristics --- Autos (Automobiles) --- Cars (Automobiles) --- Gasoline automobiles --- Motorcars (Automobiles) --- Values --- Motor vehicles --- Transportation, Automotive --- automobile use, identity, obesity, global warming, climate change, traffic congestion, urban sprawl, gas prices, fossil fuels, natural resources, environmentalism, freedom, agency, independence, mobility, interstate highway system, factory, individualism, sustainable, community, energy crisis, driving, drivers, marginalized, women, gender, race, social values, taylorization, self, republicanism, cold war, nonfiction, history, politics.
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This paper examines the short- and long-run economic impact of Egypt's energy subsidy reform in July 2014 (without and without compensating transfers for the bottom 40 percent of the income distribution) and the decline in global energy prices, as well as the long-run impact of phasing out the energy subsidies over a 5 year period. The analysis uses a Computable General Equilibrium model with 56 productive sectors, including 11 energy subsectors. The short-run analysis employs a two-stage factor market adjustment, with wages first fixed and then flexible. The long-run analysis is run in a recursive dynamic mode, capturing the impact of improved productivity and increased investment resulting from more efficient allocation of resources and reduction in government deficits. In the short run, the 2014 reforms lead to slightly lower consumption while investment increases strongly and production shifts from highly subsidized energy-intensive sectors such as energy, water and sanitation, and transport to other sectors (notably construction). The impact on overall consumer prices is limited. In the longer run, real GDP growth increases by about one percentage point relative to the baseline before the 2014 reform.
Activities --- Adverse Impact --- Agriculture --- Approach --- Balance --- Balance of Payments --- Base Year --- Benchmark --- Budget Deficits --- Capital --- Capital Use --- Cement --- Coal --- Consumers --- Consumption --- Controlled Prices --- Cost of Energy --- Costs --- Crude Oil --- Crude Oil Production --- Development Policy --- Diesel --- Diesel Fuel --- Distribution of Energy --- Domestic Energy --- Domestic Natural Gas --- Dry Natural Gas --- Dynamic Analysis --- Economic Efficiency --- Economic Implications --- Economic Performance --- Economic Sectors --- Economic Theory & Research --- Elasticities --- Elasticity --- Electric Power --- Electric Power Generation --- Electric Power Plants --- Electricity --- Electricity Generation --- Electricity Prices --- Employment --- Energy --- Energy and Environment --- Energy Costs --- Energy Extraction --- Energy Prices --- Energy Production and Transportation --- Energy Products --- Energy Use --- Environment --- Environment and Energy Efficiency --- Equilibrium --- Exports --- Fixed Prices --- Fuel --- Fuel Oil --- Fuel Subsidies --- Full Employment --- Gas --- Gas Output --- Gas Prices --- Gas Producer --- Gasoline --- GDP --- Generation --- Goods --- Government Expenditures --- Government Subsidies --- Growth Rate --- High Energy --- Higher Energy Prices --- Incentives --- Income --- Income Groups --- Inputs --- International Trade --- Investment --- LNG --- Macroeconomic Performance --- Macroeconomics --- Macroeconomics and Economic Growth --- Measurement --- Mobility --- Natural Gas --- Natural Gas Output --- Natural Gas Prices --- Natural Gas Pricing --- Oil --- Oil Exporters --- Oil Price --- Oil Producer --- Oil Production --- Oil Products --- Payments --- Petroleum --- Petroleum Products --- Power --- Power Generation --- Power Plants --- Power Sector --- Price --- Price Changes --- Price Elasticities --- Price Subsidies --- Prices --- Production Costs --- Productivity Growth --- Real GDP --- Refined Petroleum Products --- Sanitation --- Static Analysis --- Subsidy --- Tax --- Tax Revenue --- Total Costs --- Total Factor Productivity --- Total Factor Productivity Growth --- Trade --- Trade Balance --- Trade Deficit --- Transport --- Transport Costs --- Transport Economics Policy and Planning --- Transportation --- Utilities --- Value --- Value Added --- Wage Rates --- Wages --- Water
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This paper examines the short- and long-run economic impact of Egypt's energy subsidy reform in July 2014 (without and without compensating transfers for the bottom 40 percent of the income distribution) and the decline in global energy prices, as well as the long-run impact of phasing out the energy subsidies over a 5 year period. The analysis uses a Computable General Equilibrium model with 56 productive sectors, including 11 energy subsectors. The short-run analysis employs a two-stage factor market adjustment, with wages first fixed and then flexible. The long-run analysis is run in a recursive dynamic mode, capturing the impact of improved productivity and increased investment resulting from more efficient allocation of resources and reduction in government deficits. In the short run, the 2014 reforms lead to slightly lower consumption while investment increases strongly and production shifts from highly subsidized energy-intensive sectors such as energy, water and sanitation, and transport to other sectors (notably construction). The impact on overall consumer prices is limited. In the longer run, real GDP growth increases by about one percentage point relative to the baseline before the 2014 reform.
Activities --- Adverse Impact --- Agriculture --- Approach --- Balance --- Balance of Payments --- Base Year --- Benchmark --- Budget Deficits --- Capital --- Capital Use --- Cement --- Coal --- Consumers --- Consumption --- Controlled Prices --- Cost of Energy --- Costs --- Crude Oil --- Crude Oil Production --- Development Policy --- Diesel --- Diesel Fuel --- Distribution of Energy --- Domestic Energy --- Domestic Natural Gas --- Dry Natural Gas --- Dynamic Analysis --- Economic Efficiency --- Economic Implications --- Economic Performance --- Economic Sectors --- Economic Theory & Research --- Elasticities --- Elasticity --- Electric Power --- Electric Power Generation --- Electric Power Plants --- Electricity --- Electricity Generation --- Electricity Prices --- Employment --- Energy --- Energy and Environment --- Energy Costs --- Energy Extraction --- Energy Prices --- Energy Production and Transportation --- Energy Products --- Energy Use --- Environment --- Environment and Energy Efficiency --- Equilibrium --- Exports --- Fixed Prices --- Fuel --- Fuel Oil --- Fuel Subsidies --- Full Employment --- Gas --- Gas Output --- Gas Prices --- Gas Producer --- Gasoline --- GDP --- Generation --- Goods --- Government Expenditures --- Government Subsidies --- Growth Rate --- High Energy --- Higher Energy Prices --- Incentives --- Income --- Income Groups --- Inputs --- International Trade --- Investment --- LNG --- Macroeconomic Performance --- Macroeconomics --- Macroeconomics and Economic Growth --- Measurement --- Mobility --- Natural Gas --- Natural Gas Output --- Natural Gas Prices --- Natural Gas Pricing --- Oil --- Oil Exporters --- Oil Price --- Oil Producer --- Oil Production --- Oil Products --- Payments --- Petroleum --- Petroleum Products --- Power --- Power Generation --- Power Plants --- Power Sector --- Price --- Price Changes --- Price Elasticities --- Price Subsidies --- Prices --- Production Costs --- Productivity Growth --- Real GDP --- Refined Petroleum Products --- Sanitation --- Static Analysis --- Subsidy --- Tax --- Tax Revenue --- Total Costs --- Total Factor Productivity --- Total Factor Productivity Growth --- Trade --- Trade Balance --- Trade Deficit --- Transport --- Transport Costs --- Transport Economics Policy and Planning --- Transportation --- Utilities --- Value --- Value Added --- Wage Rates --- Wages --- Water
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