Oil price shocks: Sectoral and dynamic adjustments in a small-open developed and oil-exporting economy

Energy Policy

Volumn 38, Issue 1, 2010, Pages 562-572

  Dissou, Yazid ^a  

^a UNIVERSITY OF OTTAWA   (Canada)

Author keywords

Canada; Dynamic general equilibrium model; Oil prices

Indexed keywords

AGGREGATE MODEL; DUTCH DISEASE; DYNAMIC ADJUSTMENT; DYNAMIC GENERAL EQUILIBRIUM; GENERAL EQUILIBRIUM MODELS; OIL PRICE SHOCKS; OIL PRICES; PUSH EFFECT; REALLOCATION OF RESOURCES; SIMULATION RESULT; STUDY CASE; TRANSMISSION CHANNELS;

GAS INDUSTRY; SIMULATORS;

COSTS;

COMMODITY PRICE; COMPUTER SIMULATION; EXPORT; GENERAL EQUILIBRIUM ANALYSIS; NUMERICAL MODEL; OIL SUPPLY; RESOURCE ALLOCATION; STRUCTURAL ADJUSTMENT;

CANADA; NORTH AMERICA;

EID: 71649091693     PISSN: 03014215     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.enpol.2009.10.008     Document Type: Article

References (33)

1. Annabi, N.B. Decaluwé, Lemelinm, A., 2003. Formes fonctionnelles et paramétrisation dans les modèles d'équilibre général calculables (MEGC): Revue de la littérature pour le modèle d'équilibre général du ministère des Finances du Québec (MEGFQ), Finances Québec, Travaux de recherche 2003-03.
2. Bayoumi and Mühleisen, 2006. Energy, the exchange rate, and the economy: macroeconomic benefits of Canada's oil sands production. IMF WP/06/70.
3. Chari V.V., Lawrence J.C., and Patrick J.K. Policy analysis in business cycle models. In: Cooley Thomas F. (Ed). Frontiers of Business Cycle Research (1995), Princeton University Press 357-391
4. Cuñado J., and Pérez de Gracia F. Do oil price shocks matter? Evidence for some European Countries. Energy Economics 25 2 (2003) 137-154
5. Corden W.M., and Neary J.P. Booming sector and de-industrialization in a small open economy. The Economic Journal 92 368 (1982) 825-848
6. Corden W.M. Booming sector and Dutch disease economics: survey and consolidation. Oxford Economic Papers 36 (1984) 359-380
7. Dib, Ali, 2007. Welfare effects of commodity price and exchange rate volatilities in a multi-sector SOE Model. Paper presented at the 41st CEA Annual Meetings, Halifax, Canada.
8. Eastwood R.K. Macroeconomic impacts of energy shocks. Oxford Economic Papers 44 (1992) 403-425
9. Finn M. Perfect competition and the effects of energy price increases on economic activity. Journal of Money, Credit, and Banking 32 3 (2000) 400-417
10. Goulder L.H., et al. The cost-effectiveness of alternative instruments for environmental protection in a second-best setting. Journal of Public Economics 72 (1999) 329-360
11. Gylfason T., Herbertsson T.T., and Zoega G. A mixed blessing: natural resources and economic growth. Macroeconomic Dynamics 3 (1999) 204-225
12. Hamilton J. What is an oil shock?. Journal of Econometrics 113 2 (2003) 363-398
13. Hunt B., Isard P., and Laxton D. The macroeconomic effects of higher oil prices. National Institute Economic Review 179 1 (2002) 87-103
14. IMF, 2004. GEM: A New International Macroeconomic Model, International Monetary Fund, Washington, DC.
15. Jimenez-Rodriguez R., and Sanchez M. Oil price shocks and real GDP growth: empirical evidence for some OECD countries. Applied Economics 37 (2005) 201-228
16. Jimenez-Rodriguez R. The impact of oil price shocks: evidence from the industries of six OECD countries. Energy Economics 30 (2008) 3095-3108
17. Krugman P. The narrow moving band, the Dutch disease, and the competitive consequences of Mrs. Thatcher: notes on trade in the presence of dynamic scale economies. Journal of Development Economics 37 (1987) 41-55
18. Keuschnigg C., and Kohler W. Modeling intertemporal general equilibrium: an application to Austrian commercial policy. Empirical Economics 19 1 (1994) 131-164
19. Lartey E.K.K. Capital inflows, Dutch disease effects, and monetary policy in a small open economy. Review of International Economics 16 (2008) 971-989
20. Leduc S., and Sill K. A quantitative analysis of oil-price shocks, systematic monetary policy, and economic downturns. Journal of Monetary Economics 51 4 (2004) 781-808
21. Lee K., and Ni S. On the dynamic effects of oil price shocks: a study using industry level data. Journal of Monetary Economics 49 (2002) 823-852
22. Matsen E., and Torvik R. Optimal Dutch disease. Journal of Development Economics 78 2 (2005) 494-515
23. Matsuyama K. Agricultural productivity, comparative advantage and economic growth. Journal of Economic Theory 58 (1992) 317-334
24. McKibbin W.J., et al. Emissions trading, capital flows and the Kyoto protocol. Energy Journal 21 Suppl. (2000) 287-334
25. Perroni C., and Rutherford T.F. Regular flexibility of nested CES functions. European Economic Review 39 2 (1995) 335-343
26. Radchenko S. Oil price volatility and the asymmetric response of gasoline prices to oil price increases and decreases. Energy Economics 27 5 (2005) 708-730
27. Roland-Holst D.W., Reinert K.A., and Shiells C.R. A general equilibrium analysis of North American economic integration. In: Francois J.F., and Shiells C.R. (Eds). Modeling Trade Policy: Applied General Equilibrium Assessments of North American Free Trade (1994), Cambridge University Press, New York 47-82
28. Rodríguez R.J., and Sanchez M. Oil price shocks and real GDP growth: empirical evidence for some OECD countries. Applied Economics 37 (2005) 201-228
29. Rotemberg J.J., and Woodford M. Imperfect competition and the effects of energy price increases on economic activity. Journal of Money, Credit and Banking 28 (1996) 549-577
30. Sachs, J.D., Warner, A.M., 1995. Natural resource abundance and economic growth. National Bureau of Economic Research Working Paper No. 5398, Cambridge, MA.
31. Stevens P. Resource impact: curse or blessing? A literature survey. Journal of Energy Literature 9 1 (2003) 3-42
32. Stijns, 2003. An Empirical Test of the Dutch Disease Hypothesis Using Gravity Model of Trade, Mimeo, University of California at Berkeley.
33. van Wijnbergen S. The 'Dutch disease': a disease after all?. Economic Journal 94 (1984) 41-55