Author/Editor: Rabah Arezki, Zoltan Jakab, Douglas Laxton, Akito Matsumoto, Armen Nurbekyan, Hou Wang, Jiaxiong Yao.

Release Date:January, 2017

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