Abstract
The studyexamine the long-run relationship between crude oil consumption, real oil price, and real GDP using a quarterly time series from 1993 to 2020. the empiricalanalysisuses the DynamicLeast Squares (DOLS) model for both short-run and long-run elasticity among the model variables to estimate theshort-run and long-run elasticity of demand for crude oil consumption in 10 regions using Panel Dynamic Least Squares (DOLS) and Pooled Mean Group-AR Distributed Lag Models (PMG/ARDL). The empirical analysis findingsconfirmethat the demand for crude oil internationally is highly insensitive to changes in price and real GDP
Recommended Citation
FAHAD, Aysar Y.; BATTAL, Ahmad Hussei; and YASEEN, Asmaa
(2023)
"Estimating Long-run Elasticity betweenCrude Oil Consumption, Real Oil Price, and Real GDP in Global Markets,"
Iraqi Journal for Computer Science and Mathematics: Vol. 4:
Iss.
2, Article 9.
DOI: https://doi.org/10.52866/ijcsm.2023.02.02.009
Available at:
https://ijcsm.researchcommons.org/ijcsm/vol4/iss2/9
