{
  "title": "An Oil and Gas Model",
  "publication": "IMF Working Papers, June 1, 2007",
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  "summary": "This paper formulated a short-run model, with an explicit role for monetary policy, for analyzing world oil and gas markets. The model described carefully the parameters of these markets and their vulnerability to business cycles.",
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    {
      "heading": "Summary",
      "content": "- This paper formulated a short-run model, with an explicit role for monetary policy, for analyzing world oil and gas markets.\n- The model described carefully the parameters of these markets and their vulnerability to business cycles.\n- Being simultaneous and incorporating interest and exchange rates, the model could be useful in short-term forecasting of oil and gas outputs and prices under policy scenarios.\n- Author: Noureddine Krichene\n- Date: June 1, 2007"
    },
    {
      "heading": "Key empirical findings and model estimates",
      "content": "- Short-run demand for oil and gas was price-inelastic.\n- Short-run demand for oil and gas was relatively income-elastic.\n- Short-run demand was influenced by interest and exchange rates.\n- Short-run supply was price-inelastic.\n- Short-run price inelasticity could be a source for high volatility in oil and gas prices.\n- Short-run price inelasticity could confer to producers a temporary market power."
    },
    {
      "heading": "Model features and analytical uses",
      "content": "- The model is short-run and simultaneous.\n- It includes an explicit role for monetary policy.\n- It incorporates interest rates and exchange rates as influences on demand.\n- Potential use: short-term forecasting of oil and gas outputs and prices under policy scenarios."
    },
    {
      "heading": "Subject headings and keywords",
      "content": "- Subject: Fuel prices, Natural gas sector, Oil, Oil prices, Price elasticity\n- Keywords: demand price, demand shock, WP\n\n---\n\n Content in this bundle\n\n- An Oil and Gas Model; Noureddine Krichene; IMF Working Paper 07/135; June 1, 2007\n  - An Oil and Gas Model; Noureddine Krichene; IMF Working Paper 07/135; June 1, 2007 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - An Oil and Gas Model; Noureddine Krichene; IMF Working Paper 07/135; June 1, 2007 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/an-oil-and-gas-model-21016"
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    "Authors: Noureddine Krichene",
    "Published: June 1, 2007",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451866995.001",
    "This paper formulated a short-run model, with an explicit role for monetary policy, for analyzing world oil and gas markets.",
    "The model described carefully the parameters of these markets and their vulnerability to business cycles.",
    "Being simultaneous and incorporating interest and exchange rates, the model could be useful in short-term forecasting of oil and gas outputs and prices under policy scenarios.",
    "Author: Noureddine Krichene",
    "Date: June 1, 2007",
    "Short-run demand for oil and gas was price-inelastic.",
    "Short-run demand for oil and gas was relatively income-elastic.",
    "Short-run demand was influenced by interest and exchange rates.",
    "Short-run supply was price-inelastic.",
    "Short-run price inelasticity could be a source for high volatility in oil and gas prices.",
    "Short-run price inelasticity could confer to producers a temporary market power.",
    "The model is short-run and simultaneous.",
    "It includes an explicit role for monetary policy.",
    "It incorporates interest rates and exchange rates as influences on demand.",
    "Potential use: short-term forecasting of oil and gas outputs and prices under policy scenarios.",
    "Subject: Fuel prices, Natural gas sector, Oil, Oil prices, Price elasticity",
    "Keywords: demand price, demand shock, WP",
    "**An Oil and Gas Model; Noureddine Krichene; IMF Working Paper 07/135; June 1, 2007**"
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