Resource booms and the macroeconomy: The case of U.S. shale oil

摘要: Abstract We examine the implications of U.S. shale oil boom for economy, trade balances, and global market. Using comprehensive data on different types crude oil, a two-country general equilibrium model with heterogeneous refined products, we show that boosted real GDP by little more than 1 percent improved balance as share about percentage point from 2010 to 2015. The led decline in fuel prices, dramatic fall light imports. In addition, find export ban, policy effect until end 2015, was binding constraint, would likely have remained constraint thereafter had not been removed.