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The sharp drop in oil prices is one of the most important global economic developments over the past year. The SDN finds that (i) supply factors have played a s

This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration

This paper investigates the response of consumer price inflation to changes in domestic fuel prices, looking at the different categories of the overall consumer

United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous sho