Effects of the Dynamics of the Oil Price – Theoretical and Empirical Bases

Virjinia Jeliazkova

Economic Studies journal, 2010, issue 2, 127-165

Abstract: The problem of the economic effects of the dynamics of the oil price is versatile. The review of the literature on the matter helps outlining the main aspects of manifesting the effects and identifying the areas, which are less studied and which developing would be a contribution to the knowledge in this area. The long search of explanations of the economic effects of the price dynamics of the oil is extremely fruitful. Despite the many challenges of purely scientific character, as a result of the hundreds of studies, models and simulations, the idea of the running of the effects and their specific significantly improves. Based on the achieved conclusions, many policies at macro and micro level are developed for suppressing the negative consequences of the price fluctuations of the oil, as a result of which the economic agents endure the oil shocks easier. The profound knowledge of the effects creates bases also for developing alternative energy sources, as well as for creating relevant incentives for decreasing its use. Thus, the contribution of the studies of the effects of the dynamics of the oil price far exceed the needs of satisfying strictly scientific search for answers. They help the more profound knowledge of the role of the oil for the world today and of the mechanisms of functioning of the economic and public order as a whole. This makes the study of the effects of the price fluctuations of oil significant. Each economic agent should have at least a general idea about them.

JEL-codes: C00 E20 E30 F00 (search for similar items in EconPapers)
Date: 2010
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