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Replication data for: The Simple Economics of Commodity Price Speculation

Version
V0
Resource Type
Dataset
Creator
  • Knittel, Christopher R.
  • Pindyck, Robert S.
Publication Date
2015-12-31
Description
  • Abstract

    The price of crude oil never exceeded $40 per barrel until mid-2004. By July 2008 it peaked at $145 and by late 2008 it fell to $30 before increasing to $110 in 2011. Are speculators partly to blame for these price changes? Using a simple model of supply and demand in the cash and storage markets, we determine whether speculation is consistent with data on production, inventory changes, and convenience yields. We focus on crude oil, but our approach can be applied to other commodities. We show speculation had little, if any, effect on oil prices. (JEL G13, G18, G23, G31, Q35, Q38)
Availability
Download
Relations
  • Is supplemented by
    DOI: 10.1257/mac.20140033 (Text)
Publications
  • Knittel, Christopher R., and Robert S. Pindyck. “The Simple Economics of Commodity Price Speculation.” American Economic Journal: Macroeconomics 8, no. 2 (April 2016): 85–110. https://doi.org/10.1257/mac.20140033.
    • ID: 10.1257/mac.20140033 (DOI)

Update Metadata: 2019-10-13 | Issue Number: 1 | Registration Date: 2019-10-13

Knittel, Christopher R.; Pindyck, Robert S. (2015): Replication data for: The Simple Economics of Commodity Price Speculation. Version: V0. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. http://doi.org/10.3886/E114087