Oil and the Macroeconomy in a Changing World

Boston, Massachusetts
09 June 2010
Hosted By: the Federal Reserve Bank of Boston

Industry experts convened at this symposium in Boston on 9 June 2010 to examine the interactions between energy prices, growth, and inflation, as well as the determinants of oil prices and the effect that oil prices have on the world economy. NERA Vice President Dr. James Overdahl participated in a session on financial innovation and oil markets. In his presentation, Dr. Overdahl reviewed the development of financial products linked to commodity prices, focusing on commodity index-linked products. He described how order flow to these products makes its way to the underlying price discovery market, that is, the futures markets. He also discussed the consequences of commodity-linked investment on the oil market, such as the convergence of nearby and backdated futures prices.

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