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DO DEMAND AND SUPPLY SHOCKS EXPLAIN USA'S OIL STOCK FLUCTUATIONS?

机译:需求和供应冲击能解释美国的油价波动吗?

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In this paper using historical monthly data on the US oil stocks (Crude Oil and Petroleum Products Ending Stock-coppes), industrial production, and oil production, we examine whether supply and demand shocks explain the apparent decline in the volatility of the growth of COPPES since about the mid-1980s. We find that in both the short-run and long-run, shocks to the US COPPES explain the bulk of the variations in its own error variance. Cumulatively, the impact of demand and supply shocks at the long-run horizon amounts to about 40 percent although at the short horizon the impact of demand and supply shocks is relatively less.
机译:在本文中,使用有关美国石油库存(原油和石油产品期末库存),工业生产和石油生产的历史月度数据,我们研究了供需冲击是否可以解释COPPES增长波动的明显下降。从大约1980年代中期开始。我们发现,无论从短期还是长期来看,对US COPPES的冲击都可以解释其自身误差方差的大部分变化。长期来看,需求和供给冲击的影响总计约为40%,尽管短期内需求和供给冲击的影响相对较小。

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