A World Equilibrium Model of the Oil Market
利用油田微观数据构建并估计嵌入世界经济一般均衡模型的石油行业结构模型，研究页岩油对OPEC卡特尔及油价长期水平和波动性的影响。
Abstract We use new, comprehensive micro data on oil fields to build and estimate a structural model of the oil industry embedded in a general equilibrium model of the world economy. In the model, firms that belong to Organization of the Petroleum Exporting Countries (OPEC) act as a cartel. The remaining firms are a competitive fringe. We use the model to study the macroeconomic impact of the advent of fracking. Fracking weakens the OPEC cartel, leading to a large long-run decline in oil prices. Fracking also reduces the volatility of oil prices in the long run because fracking firms can respond more quickly to changes in oil demand.