Design and implementation of the price cap on Russian oil exports

IF 2.8 2区 经济学 Q1 ECONOMICS
Simon Johnson , Lukasz Rachel , Catherine Wolfram
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引用次数: 1

Abstract

Basic economics teaches that price caps are bad – limiting the price of a good distorts demand and discourages producers from supplying the market. So why did the Biden Administration, led by Janet Yellen, the consummate economist, champion a price cap on oil from Russia after it invaded Ukraine in 2022? The answer is that this price cap, implemented for crude oil in December 2022 and oil products in February 2023, differs significantly from the standard cap discussed in introductory economics classes. This paper explains these differences and describes  the first six months this policy has been in existence. We  provide background on Russian oil trade  and describe the goals, structure,   enforcement and economics of the price cap. We review the main concerns and contrast them with the outcomes observed to date.

俄罗斯石油出口价格上限的设计与实施
基本经济学告诉我们,价格上限是不好的--限制商品价格会扭曲需求,阻碍生产商向市场供应。那么,为什么由精通经济学的珍妮特-耶伦(Janet Yellen)领导的拜登政府会在俄罗斯于 2022 年入侵乌克兰之后,倡导对来自俄罗斯的石油设置价格上限呢?答案是,2022 年 12 月实施的原油价格上限和 2023 年 2 月实施的石油产品价格上限与经济学入门课程中讨论的标准上限有很大不同。本文解释了这些不同之处,并描述了这一政策实施的头六个月。我们介绍了俄罗斯石油贸易的背景,并描述了价格上限的目标、结构、执行和经济性。我们回顾了主要关注点,并将其与迄今为止观察到的结果进行对比。
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来源期刊
CiteScore
4.40
自引率
0.00%
发文量
66
审稿时长
45 days
期刊介绍: The mission of the Journal of Comparative Economics is to lead the new orientations of research in comparative economics. Before 1989, the core of comparative economics was the comparison of economic systems with in particular the economic analysis of socialism in its different forms. In the last fifteen years, the main focus of interest of comparative economists has been the transition from socialism to capitalism.
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