| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14047 |
| DP14047 Facts and Fiction in Oil Market Modeling | |
| Lutz Kilian | |
| 发表日期 | 2019-10-09 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Baumeister and Hamilton (2019a) assert that every critique of their work on oil markets by Kilian and Zhou (2019a) is without merit. In addition, they make the case that key aspects of the economic and econometric analysis in the widely used oil market model of Kilian and Murphy (2014) and its precursors are incorrect. Their critiques are also directed at other researchers who have worked in this area and, more generally, extend to research using structural VAR models outside of energy economics. The purpose of this paper is to help the reader understand what the real issues are in this debate. The focus is not only on correcting important misunderstandings in the recent literature, but on the substantive and methodological insights generated by this exchange, which are of broader interest to applied researchers. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Oil supply elasticity Oil demand elasticity Iv estimation Structural var Bayesian inference Oil price Global real activity |
| URL | https://cepr.org/publications/dp14047 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542933 |
| 推荐引用方式 GB/T 7714 | Lutz Kilian. DP14047 Facts and Fiction in Oil Market Modeling. 2019. |
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