Case studies analysing the impact of petroleum price increase and monetary policies for major OECD countries on economic adjustment in petroleum exporting countries (Bangladesh, Sri Lanka, Kenya, Senegal, Peru and Jamaica) - examines commodity Terms of Trade, gross domestic products, current account deficit, external debt, energy consumption, and petroleum product prices; reviews world economic trends, 1970 to 1980, agricultural sector perspectives, and alternative energy source issues in developing countries. Graphs and statistical tables.

This paper presents a simple macroeconomic model of the oil market. The model incorporates features of oil supply such as depletion, endogenous oil exploration and extraction, as well as features of oil demand such as the secular increase in demand from emerging-market economies, usage efficiency, and endogenous demand responses. The model provides, inter alia, a useful analytical framework to explore the effects of: a change in world GDP growth; a change in the efficiency of oil usage; and a change in the supply of oil. Notwithstanding that shale oil production today is more responsive to prices than conventional oil, our analysis suggests that an era of prolonged low oil prices is likely to be followed by a period where oil prices overshoot their long-term upward trend.

Nine economists examine the effect of quadrupled oil prices on the world economy, weigh the merits of the various monetary and fiscal policies adapted in response, and explore how the adjustment problem is likely to change in the future.

United States monetary policy has traditionally been modeled under the assumption that the domestic economy is immune to international factors and exogenous shocks. Such an assumption is increasingly unrealistic in the age of integrated capital markets, tightened links between national economies, and reduced trading costs. International Dimensions of Monetary Policy brings together fresh research to address the repercussions of the continuing evolution toward globalization for the conduct of monetary policy. In this comprehensive book, the authors examine the real and potential effects of increased openness and exposure to international economic dynamics from a variety of perspectives. Their findings reveal that central banks continue to influence decisively domestic economic outcomes—even inflation—suggesting that international factors may have a limited role in national performance. International Dimensions of Monetary Policy will lead the way in analyzing monetary policy measures in complex economies.

Essay from the year 2004 in the subject Business economics - Economic and Social History, grade: 2,0, Turku School of Economics (Department of economics), course: Economic History and Development, language: English, abstract: Nowadays oil is still the world’s most important single source of energy. The world’s industry is influenced by the cost of energy which, in turn, is influenced by the price of crude oil, taxation and other factors. If the cost of energy goes up, then prices of goods and services will increase, subsequently it will cause lower availability of products, higher transportation’s costs and in turn lower economic growth. The latter will influence negatively the efficiency and productivity of the whole world’s industry. This means that if oil prices go too high or too low there will be unlikely consequences for both oil producers and oil consumers. This paper analyzes the oil crisis of 1970ies. The first section concerns the history of the October War (6 – 23 October 1973) that led to the oil embargo, one of the most dramatic events for the world economy. The embargo lasted six months, beginning on 17 October 1973 and ending on 18 March 1974. The second section deals with the impact of the energy crisis on different countries. It caused terrible consequences for the economies of all industrialized countries such as recession, inflation, unemployment, lost economic growth and stagflation. But the essential question is whether the energy crisis was a real shortage or mainly a matter of politics.