@article{time-varying:4471,
      recid = {4471},
      author = {Baumeister, Christiane and Peersman, Gert},
      title = {The role of time-varying price elasticities in accounting  for volatility changes in the crude oil market (replication  data)},
      publisher = {ZBW - Leibniz Informationszentrum Wirtschaft},
      address = {2013},
      abstract = {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.  <p> <p> Replication data for  peer-reviewed article published in Journal of Applied  Econometrics. Paper published online June 26, 2012.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/4471},
      doi = {https://doi.org/10.15456/jae.2022321.0712181919},
}