Seminars & webinars
21 November, 2011

Oil price, macroeconomic dynamics and financial speculation

Where: Milan

Fondazione Eni Enrico Mattei
Corso Magenta 63
20123 Milan

at FEEM Venice

How to reach: Google map
Event's Timetable:

h. 12.00 Seminar
h. 13.00 Light Lunch


Seminars Office,


Claudio Morana, Università di Milano-Bicocca and FEEM


The paper investigates the determinants of real oil prices since the 1980s by means of a large-scale macroeconometric model, allowing for an accurate modeling of oil demand and supply interactions and the macro-finance interface. Results show that macro-finance (fundamental) factors are the key determinants of the real oil price; while the contribution of the macro factors appear to be sizable over all the time span considered, (fundamental) financial factors show an increasing role since the 2000s. A non negligible role for financial speculation in the oil futures market is also found: out of the 26% increase in the oil price, over the period 2005-2010, up to 7% may be related to speculative shocks, i.e. 30% of the total real oil price appreciation since 2005.

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