| dc.contributor.author | Knittel, Christopher Roland | |
| dc.contributor.author | Pindyck, Robert S | |
| dc.date.accessioned | 2017-05-11T19:05:57Z | |
| dc.date.available | 2017-05-11T19:05:57Z | |
| dc.date.issued | 2016-04 | |
| dc.identifier.issn | 1945-7707 | |
| dc.identifier.issn | 1945-7715 | |
| dc.identifier.uri | http://hdl.handle.net/1721.1/108833 | |
| dc.description.abstract | The price of crude oil never exceeded $40 per barrel until mid-2004. By July 2008 it peaked at $145 and by late 2008 it fell to $30 before increasing to $110 in 2011. Are speculators partly to blame for these price changes? Using a simple model of supply and demand in the cash and storage markets, we determine whether speculation is consistent with data on production, inventory changes, and convenience yields. We focus on crude oil, but our approach can be applied to other commodities. We show speculation had little, if any, effect on oil prices. (JEL G13, G18, G23, G31, Q35, Q38) | en_US |
| dc.language.iso | en_US | |
| dc.publisher | American Economic Association | en_US |
| dc.relation.isversionof | http://dx.doi.org/10.1257/mac.20140033 | en_US |
| dc.rights | Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. | en_US |
| dc.source | American Economic Association | en_US |
| dc.title | The Simple Economics of Commodity Price Speculation | en_US |
| dc.type | Article | en_US |
| dc.identifier.citation | Knittel, Christopher R. and Pindyck, Robert S. “The Simple Economics of Commodity Price Speculation.” American Economic Journal: Macroeconomics 8, no. 2 (April 2016): 85–110. © 2016 American Economic Association | en_US |
| dc.contributor.department | Sloan School of Management | en_US |
| dc.contributor.mitauthor | Knittel, Christopher Roland | |
| dc.contributor.mitauthor | Pindyck, Robert S | |
| dc.relation.journal | American Economic Journal Macroeconomics | en_US |
| dc.eprint.version | Final published version | en_US |
| dc.type.uri | http://purl.org/eprint/type/JournalArticle | en_US |
| eprint.status | http://purl.org/eprint/status/PeerReviewed | en_US |
| dspace.orderedauthors | Knittel, Christopher R.; Pindyck, Robert S. | en_US |
| dspace.embargo.terms | N | en_US |
| dc.identifier.orcid | https://orcid.org/0000-0002-7654-8641 | |
| dc.identifier.orcid | https://orcid.org/0000-0001-8296-9875 | |
| mit.license | PUBLISHER_POLICY | en_US |
| mit.metadata.status | Complete | |
