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.
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.
The Economist cites an OIES study: until oil-exporting countries shift economies away from oil, they need to cover… https://t.co/qylvo2LwFw
OIES's @thierry_bros interviewed by Radio Vatican on East Med gas. https://t.co/pRhtO5AtfN
After the Gazprom-Naftogaz arbitration: commerce still entangled in politics https://t.co/Pljui3Ao56