01754cas a2200241 a 4500 AALejournalIMF009331 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451866995 1018-5941 BD-DhAAL BD-DhAAL Krichene, Noureddine. An Oil and Gas Model / Noureddine Krichene. Washington, D.C. : International Monetary Fund, 2007. 1 online resource (30 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Estimates showed that short-run demand for oil and gas was price- inelastic, relatively income-elastic, and 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, and could confer to producers a temporary market power. 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. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2007/135 Full text available on IMF http://elibrary.imf.org/view/journals/001/2007/135/001.2007.issue-135-en.xml IMF e-Library