With the global economy already slowing over coronavirus uncertainty, oil markets and stocks plunged even further Monday morning (March 9) after Saudi Arabia launched a price war against Russia over the weekend, dissolving their OPEC+ alliance.
His research focuses on price fixing, collective dominance, coordinated behavior, predatory pricing, price discrimination, market definition, mergers, vertical contracts, damages and regulatory issues. He pioneered the now-large professional literature on price cycles and price volatility in gasoline markets and is internationally known as a leading competition expert in the industry.
Michael Noel, associate professor of economics
- The stock market’s record volatility in recent days reflects extreme uncertainty about how widely the coronavirus outbreak will spread.
- If it continues to spread, the economic consequences could be more severe in the short run than during the Great Recession or the period after 9/11.
- The outcome likely depends on how quickly the virus can be contained, either by taking extreme precautions now or extreme measures later.
- Empty streets in major American cities are a possibility.
- The oil price crash and OPEC+ turmoil are good for consumers, if they have the chance to benefit from it, but bad for Texas producers.