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Learning from Supply Shocks in the Energy Market: Evidence from Local and Global Impacts of the Shale Revolution
In this paper, we carry out three studies of the local and global impacts of supply shocks in energy markets, and also analyze certain properties of these markets. First, the relationship between US power plants and local air pollution is assessed from 2003 to 2016, by exploiting the information provided by the large deviations that occurred during that period due to the shale revolution. Next, fossil fuel trade is analyzed from a networks perspective, quantifying its properties. Finally, a general equilibrium model of fossil fuel trade is constructed to simulate the impact of a supply shock to a given country and in order to understand the impact of the shale revolution.