Buyer Beware: The Asymmetric Impact of the Strategic Petroleum Reserve on Crude Oil Prices
用结构向量自回归模型分析美国战略石油储备的购买和释放对原油价格的影响，发现释放无显著效果，但购买会使油价上涨约1%。
Have U.S. oil market policy interventions succeeded in lowering the price of crude oil? This paper uses a structural vector autoregression model of the U.S. oil market to estimate the effect of purchases and releases by the Strategic Petroleum Reserve (SPR). Unanticipated releases from the SPR have no measurable impact on oil prices, but unanticipated purchases for the SPR raise oil prices by about 1 percent.These results are robust to identification using external instruments.