Economic agents have varying expectations on oil price fluctuations that play an important role in determining the timing and magnitude of oil price shocks. A study now shows that heterogeneous expectations should be included when modelling oil price shocks to grasp their impact on macroeconomic outcomes and energy policies.
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Manzano, B. Oil price: Endless ability to surprise. Nat Energy 1, 16060 (2016). https://doi.org/10.1038/nenergy.2016.60
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DOI: https://doi.org/10.1038/nenergy.2016.60
