{"title":"Five Decades of Modeling Oil Price Shocks: A Critical Review","authors":"Mikidadu Mohammed","doi":"10.1561/101.00000117","DOIUrl":null,"url":null,"abstract":"After five decades of modeling oil price shocks, their causes and repercussions remain a question of considerable interest, both in the academic literature and the policy domain. This paper critically reviews the leading explanations of the underlying causes of oil price shocks since the 1970s. Specifically, it is intended to provide insights into the theoretical, methodological, and empirical milestones together with unresolved issues from both a historical and exploratory viewpoint. The paper also provides and discusses pathways to overcome some of the unresolved issues to aid future model formulations and policy prescriptions.","PeriodicalId":45355,"journal":{"name":"International Review of Environmental and Resource Economics","volume":"14 1","pages":"241-297"},"PeriodicalIF":1.2000,"publicationDate":"2020-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Environmental and Resource Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1561/101.00000117","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 2
Abstract
After five decades of modeling oil price shocks, their causes and repercussions remain a question of considerable interest, both in the academic literature and the policy domain. This paper critically reviews the leading explanations of the underlying causes of oil price shocks since the 1970s. Specifically, it is intended to provide insights into the theoretical, methodological, and empirical milestones together with unresolved issues from both a historical and exploratory viewpoint. The paper also provides and discusses pathways to overcome some of the unresolved issues to aid future model formulations and policy prescriptions.
期刊介绍：
Environmental and resource economics has become a broad topic making connections with many other subdisciplines in economics as well as the natural and physical sciences. It has also experience a significant growth in research such that the literature is exploding in terms of the number of topics addressed, the number of methodological approaches being applied and the sheer number of articles being written. Coupled with the high degree of specialization that characterizes modern academic research, this proliferation of topics and methodologies makes it impossible for anyone, even those who specialize in the subject, to keep up with developments in the field.
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