01935cas a2200277 a 4500 AALejournalIMF017382 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475572360 1018-5941 BD-DhAAL BD-DhAAL Arezki, Rabah. Oil Prices and the Global Economy / Rabah Arezki, Zoltan Jakab, Douglas Laxton, Akito Matsumoto. Washington, D.C. : International Monetary Fund, 2017. 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 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 oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend. Mode of access: Internet Jakab, Zoltan. Laxton, Douglas. Matsumoto, Akito. IMF Working Papers; Working Paper ; No. 2017/015 Full text available on IMF http://elibrary.imf.org/view/journals/001/2017/015/001.2017.issue-015-en.xml IMF e-Library