Workshop on Commodity Cycles and their Implications
Welcome and Opening Remarks
By Aldo Flores-Quiroga (International Energy Forum)
Session 1: Technological Advancement and Commodity Dynamics
How has technological advancement in the broad economy or in commodity production affected commodity prices? To what extent can these factors explain the recent movements in oil prices?
Discussion Moderator: Césaire Meh
Lutz Kilian (University of Michigan)
John Baffes (The World Bank)
Martin Stuermer (Federal Reserve Bank of Dallas)
Session 2: Distributional Effects of Commodity Shocks
How do shocks in particular commodity markets affect welfare across economic strata within a country as well as globally? How should monetary policy in a small open economy respond to such shocks?
Discussion Moderator: Timothy Lane
Michael Wetzstein (Purdue University)
Catherine Hausman (University of Michigan)
Luis Catão (International Monetary Fund)
Session 3: Implications of Oil Price Shocks
What are the sector-specific and aggregate impact of oil price shocks in the United States, Canada and other countries? What determines whether a country benefits or suffers from a decline in oil prices?
Discussion Moderator: Adam Sieminski (U.S. Energy Information Administration)
Going Dutch? The Impact of Oil Price Shocks on the Canadian Economy
Kenneth McKenzie (University of Calgary)
Where Do Jobs Go When Oil Prices Drop?
Ana María Herrera (University of Kentucky)
Dario Caldera (Board of Governors of the Federal Reserve System)
Panel: Swing Production and the Role of Credit
What have we learned about physical and financial energy market interactions and the role of the credit markets in changing production and storage dynamics?
Moderator: Aldo Flores-Quiroga (International Energy Forum)