The Oil Trading Markets, 2003-2010: Analysis of market behaviour and possible policy responses
In this working paper, Adair Turner et al. consider price movements in the oil trading markets between 2003 and 2010, and provide an analysis of factors which potentially explain the significant trends in this period. The authors also discuss the impact of different forms of oil price volatility and propose the type that matters most from an economic standpoint is medium-term price trends. The authors then discuss possible public policy actions that could be employed to prevent or mitigate such trends, with the paper concluding that proposals solely related to the operation of the financial markets will not address the fundamental drivers of instability. The final version of this working paper was published in, Oxford Review of Economic Policy, Volume 27, Issue 1.