Front Matter Page
Research Department
Contents
1. Introduction
2. The Model
2.1 Households
2.2 Firms and Production
2.3 Monetary and Fiscal Policy
2.4 Goods Market Equilibrium
2.5 Storage and Oil Market Equilibrium
3. Estimation
3.1 Data.
3.2 Calibrated Parameters.
3.3 Prior Distributions and Estimation Results
4. Conclusion
References
Appendix
Tables
1. Calibrated parameters.
2. Prior distributions and posterior estimates (sample period: 1982Q1-2007Q4)
3. Variance decomposition (sample period: 1982Q1-2007Q4)
4. Variance decomposition (sample period: 2000Q1-2007Q4).
Figures
1. Impulse responses to a one standard deviation positive TFP shock
2. Impulse responses to a one standard deviation positive labor productivity shock
3. Impulse responses to a one standard deviation negative oil supply shock
4. Impulse responses to a one standard deviation storage demand shock
5. Impulse responses to a one standard deviation positive TFP shock with and without storage
6. Impulse responses to a one standard deviation positive labor productivity shock with and without storage
7. Impulse responses to a one standard deviation negative oil supplywith and without storage