Catalogue Search | MBRL
Are you sure you want to remove the book from the shelf?
{{itemTitle}}
431,112
result(s) for
"Supply and demand."
Sort by:
Not All Oil Price Shocks Are Alike: Disentangling Demand and Supply Shocks in the Crude Oil Market
Shocks to the real price of oil may reflect oil supply shocks, shocks to the global demand for all industrial commodities, or demand shocks that are specific to the crude oil market. Each shock has different effects on the real price of oil and on US macroeconomic aggregates. Changes in the composition of shocks help explain why regressions of macroeconomic aggregates on oil prices tend to be unstable. Evidence that the recent surge in oil prices was driven primarily by global demand shocks helps explain why this shock so far has failed to cause a major recession in the United States. (JEL E31, E32, Q41, Q43)
Journal Article
Identifying Supply and Demand Elasticities of Agricultural Commodities: Implications for the US Ethanol Mandate
We present a new framework to identify supply elasticities ofstorable commodities where past shocks are used as exogenous price shifters. In the agricultural context, past yield shocks change inventory levels and futures prices of agricultural commodities. We use our estimated elasticities to evaluate the impact of the 2009 Renewable Fuel Standard on commodity prices, quantities, and food consumers' surplus for the four basic staples: corn, rice, soybeans, and wheat. Prices increase 20 percent if one-third of commodities used to produce ethanol are recycled as feedstock, with a positively skewed 95 percent confidence interval that ranges from 14 to 35 percent.
Journal Article
Risk-pooling essentials : reducing demand and lead time uncertainty
This book provides comprehensive and concise definitions of risk pooling and risk-pooling methods, a straightforward statistical explanation, and a value-chain oriented framework for analyzing risk-pooling methods. Risk pooling mitigates demand and lead time uncertainty in logistics and supply chain management. The author also provides readers with a downloadable computerized decision support tool to compare and choose appropriate risk-pooling methods and to apply them in companies. Students and practitioners of logistics and supply chain management will find this book particularly useful.
Book
WHY AGNOSTIC SIGN RESTRICTIONS ARE NOT ENOUGH: UNDERSTANDING THE DYNAMICS OF OIL MARKET VAR MODELS
Sign restrictions on the responses generated by structural vector autoregressive models have been proposed as an alternative approach to the use of exclusion restrictions on the impact multiplier matrix. In recent years such models have been increasingly used to identify demand and supply shocks in the market for crude oil. We demonstrate that sign restrictions alone are insufficient to infer the responses of the real price of oil to such shocks. Moreover, the conventional assumption that all admissible models are equally likely is routinely violated in oil market models, calling into question the use of posterior median responses to characterize the responses to structural shocks. When combining sign restrictions with additional empirically plausible bounds on the magnitude of the short-run oil supply elasticity and on the impact response of real activity, however, it is possible to reduce the set of admissible model solutions to a small number of qualitatively similar estimates. The resulting model estimates are broadly consistent with earlier results regarding the relative importance of demand and supply shocks for the real price of oil based on structural vector autoregressive (VAR) models identified by exclusion restrictions, but imply very different dynamics from the posterior median responses in VAR models based on sign restrictions only.
Journal Article
Scarcity in the modern world : history, politics, society and sustainability, 1800-2075
\"Scarcity in the Modern World brings together world-renowned scholars to examine how concerns about the scarcity of environmental resources such as water, food, energy and materials have developed, and subsequently been managed, from the 18th to the 21st century. These multi-disciplinary contributions situate contemporary concerns about scarcity within their longer history, and address recent forecasts and debates surrounding the future scarcity of fossil fuels, renewable energy and water up to 2075. This book offers a fresh way of tackling the current challenge of meeting global needs in an increasingly resource-stressed environment. By bringing together scholars from a variety of academic disciplines, this volume provides an innovative multi-disciplinary perspective that corrects previous scholarship which has discussed scientific and cultural issues separately. In doing so, it recognizes that this challenge is complex and cannot be addressed by a single discipline, but requires a concerted effort to think about its political and social, as well as technical and economic dimensions. This volume is essential for all students and scholars interested in scarcity, past, present and future.\"--Back cover.
Book
Forty Years of Oil Price Fluctuations: Why the Price of Oil May Still Surprise Us
It has been 40 years since the oil crisis of 1973/74. This crisis has been one of the defining economic events of the 1970s and has shaped how many economists think about oil price shocks. In recent years, a large literature on the economic determinants of oil price fluctuations has emerged. Drawing on this literature, we first provide an overview of the causes of all major oil price fluctuations between 1973 and 2014. We then discuss why oil price fluctuations remain difficult to predict, despite economists’ improved understanding of oil markets. Unexpected oil price fluctuations are commonly referred to as oil price shocks. We document that, in practice, consumers, policymakers, financial market participants, and economists may have different oil price expectations, and that, what may be surprising to some, need not be equally surprising to others.
Journal Article
Protean supply chains : ten dynamics of supply and demand alignment
\"This book features ten emergining trends that are shaping supply chain operations worldwide and imapcting the global business landscape. These trends include: the rise of regional theatres of supply; managing global risk through control towers; customer segmentation; realizing real demand; multi-channel challenges; aligning demand swings with production and distribution; serving a customer of one; the sustainability petard; collaboration vs. competition in the new economy; and financial dynamism. In addition, the book features an introduction to the overlooked supply chain factor behind anemic economic growth and an overview of protean supply chains. Supply chains shape the financial success of companies, and this book highlights how their use will lower bottomline costs and boost topline revenue. In addition, global examples are provided, including the rise of mutual supply chains in Europe; how European environmental policies promote shared supply chains; and U.S. nearshoring is rising as manufacturers of computers, machinery, fabricated metals, electronical equipment, and plastics and rubber in capital-intensive industries are returning to America. Due to its inclusion of recent trends in supply chains along with discussions on supply and demand alignment, this book provides needed insights to reduce spending, increase revenues, and become as streamlined and productive as possible in our ever changing economic climate\"-- Provided by publisher.
Book
THE ROLE OF TIME-VARYING PRICE ELASTICITIES IN ACCOUNTING FOR VOLATILITY CHANGES IN THE CRUDE OIL MARKET
SUMMARY There has been a systematic increase in the volatility of the real price of crude oil since 1986, followed by a decline in the volatility of oil production since the early 1990s. We explore reasons for this evolution. We show that a likely explanation of this empirical fact is that both the short‐run price elasticities of oil demand and of oil supply have declined considerably since the second half of the 1980s. This implies that small disturbances on either side of the oil market can generate large price responses without large quantity movements, which helps explain the latest run‐up and subsequent collapse in the price of oil. Our analysis suggests that the variability of oil demand and supply shocks actually has decreased in the more recent past, preventing even larger oil price fluctuations than observed in the data. Copyright © 2012 John Wiley & Sons, Ltd.
Journal Article