Learning in the Oil Futures Markets: Evidence and Macroeconomic Implications | The review of economics and statistics

The views expressed in this document are our sole responsibility and should not be construed as representing the views of Amazon or its affiliates, the Federal Reserve Bank of San Francisco, the Board of Governors of the Federal Reserve System, or any other affiliated with the Federal Reserve affiliated person reflect reserve system. We thank the seminar participants from the Federal Reserve Board, the Federal Reserve Bank of Boston, the Federal Reserve Bank of Cleveland, the Swiss National Bank, the Bank of Canada, Larefi (University of Bordeaux) and the conference participants of the Federal Reserve System 2017 Energy Meeting, the CEBRA Annual Meeting 2017, the BI Norwegian Business School and the NBER Meeting 2015 on Economics of Commodity Markets. Special thanks to Ron Alquist, Benjamin Johannsen, Matt Smith, Hilde Bjornland and Fabio Canova.