01735cas a2200241 a 4500 AALejournalIMF019922 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498331777 2663-3493 BD-DhAAL BD-DhAAL International Monetary Fund. Oil Market Developments and Issues. Washington, D.C. : International Monetary Fund, 2005. 1 online resource (56 pages) Policy 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 The discussion in this paper of the causes and consequences of recent oil price increases, and the appropriate policy response, is framed by the volatility and uncertainty that characterize the oil market. Volatile prices arise from supply and demand that are both highly inelastic in the short run, with the result that even small shocks can have large effects on price. The difficulty of predicting long-run supply and demand creates uncertainty about future prices. Further, even current supply and demand data are lacking, which results in additional uncertainty. These features of uncertainty and volatility of prices make it difficult to reach simple conclusions about how oil producers and consumers should respond to price changes. Mode of access: Internet Policy Papers; Policy Paper ; No. 2005/001 Full text available on IMF http://elibrary.imf.org/view/journals/007/2005/001/007.2005.issue-001-en.xml IMF e-Library