Instructions for reproducing the results in the paper “Oil prices in a general equilibrium model with precautionary demand for oil”, by Conny Olovsson.

The software used to produce all results was Matlab R2015B. The results and data in the paper are produced by four different programs: Data.m, End_oil_prices.m, End_oil_prices_No_storage.m, and RBC.m. 
These programs do not have to be run in any specific order. For the simulations, the realizations of the shocks are loaded automatically and given by the file “SHOCKS_1”.

The data presented in Tables 2 and 4 are generated by the program “Data.m”. The sources for the data are described in the paper. Expected run time for this program is less than a second.

The program “End_oil_prices.m” solves the model numerically, simulates the model, and produces the main results that are displayed in Table 2 (the model “With oil”) as well as Figures 2-5. 
The simulation also provides the results presented in the upper half of Table 3. To produce all the results in this part of the table, the size of the oil-price changes has to be varied manually. 
This is done on line 476 in the program that simulates the economy, i.e., “End_oil_prices_sim.m”. Expected run time for this program is a few minutes when using the guess that is loaded 
on line 308 (load epsilon_p03_A_3_a_0_Large_R_a6p25_m4_a_sq_0). If this guess is not used, expected run time is several hours.

The results that are displayed in Table 2 for the model without storing (“With oil and no storing”) is generated by the program “End_oil_prices_No_storage.m”. Specifically, the program solves the model numerically, 
simulates the model, and displays the output. The simulation also provides the results presented in the lower half of Table 3. To produce all the results in this part of the table, the size of the oil-price changes 
has to be varied manually. This is done on line 474 in the program that simulates the economy, i.e., “End_oil_prices_sim_No_storage.m”. Expected run time for this program is a few minutes when using the guess that is 
loaded on line 255 (load No_Storage_Elastic_eps_p03). If this guess is not used, expected run time is less than ten minutes. To improve the accuracy of the generated IRFs, increase the number of simulation periods 
from 20 000 to 1000 0000 on line 5 in the program “End_oil_prices_No_storage_sim.m”, i.e., set sim = 1000000.

Finally, the results that are displayed in Table 2 for the RBC model is generated by the program “RBC.m”. Specifically, the program solves the model numerically, simulates the model, and displays the output. Expected 
run time for this program is one minute