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                    [post_date] => 1985-01-01 00:00:44
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                    [post_content] => The purpose of this paper is to provide analytical explanations for the price trends and the important oil market episodes of the past three decades.
                    [post_title] => Are Oil Price Movements Perverse?  A Critical Explanation of Oil Price Levels 1950-1985
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                    [post_content] => In modelling the behaviour of oil-exporting countries it is usually assumed that the objective is to maximize the present value of oil revenues evaluated at a vector of market clearing prices. Given the various assumptions on the relevant parameters (initial reserves, demand etc) and the market structure, this exercise gives an extraction policy or, what amounts to the same thing, a vector of equilbrium prices . A substantial number of numerical exercise s have been produced along these lines.
                    [post_title] => Depletion Policies for Oil-Exporting Developing Economies
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                    [post_content] => Our purpose in writing this paper is to relax two assumptions which dominate the theory of exhaustible resources and examine the implications for the stability of equilibrium.  The first assumption postulates that a complete set of forward markets exists. The second postulates that asset and spot commodity markets clear instantaneously.
                    [post_title] => On the Stability of the Short-run Equilibrium of an Exhaustible	Resource Market
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                    [post_content] => The purpose of this paper is to investigate the stability properties of a non-titonnement price and a monetary adjustment mechanism involving two countries: one oil-exporting and one oil-importing. Its distinguishing characteristic is that it brings together some elements of the theory of exhaustible resources and  the modern balance-of-payments theory using a
Bicksian, temporary equilibrium framework.
                    [post_title] => The Recycling of Oil Revenues: Some Theoretical Aspects
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            [post_content] => The purpose of this paper is to provide analytical explanations for the price trends and the important oil market episodes of the past three decades.
            [post_title] => Are Oil Price Movements Perverse?  A Critical Explanation of Oil Price Levels 1950-1985
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Latest Publications by Y. Stournaras