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Oil Price Shocks, Unemployment, Investment and the Current Account: An Intertemporal Disequilibrium Analysis

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  • Sweder van Wijnbergen

Abstract

Recent work on macroeconomics of price increases of intermediate imports while theoretically rigorous and elegant, is still unable to explain the stylized facts. This paper attempts to remedy the shortcomings of earlier papers by using a two-period model to properly analyse investment and savings behaviour and hence the current account. The model also incorporates disequilibrium in first-period labour and goods markets to compare the response of countries in different disequilibrium regimes to shocks in intermediate input prices.

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  • Sweder van Wijnbergen, 1985. "Oil Price Shocks, Unemployment, Investment and the Current Account: An Intertemporal Disequilibrium Analysis," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 52(4), pages 627-645.
    • Handle: RePEc:oup:restud:v:52:y:1985:i:4:p:627-645.
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    Cited by:

    1. Ben Salem, Leila & Nouira, Ridha & Saafi, Sami & Rault, Christophe, 2024. "How do oil prices affect the GDP and its components? New evidence from a time-varying threshold model," Energy Policy, Elsevier, vol. 190(C).
    2. Cong, Rong-Gang & Shen, Shaochuan, 2013. "Relationships among Energy Price Shocks, Stock Market, and the Macroeconomy: Evidence from China," MPRA Paper 112211, University Library of Munich, Germany.
    3. Haaparanta, Pertti & Kontulainen, Jarmo, 1989. "Real exchange rate as an unobservable variable," Bank of Finland Research Discussion Papers 13/1989, Bank of Finland.
    4. Atems, Bebonchu & Kapper, Devin & Lam, Eddery, 2015. "Do exchange rates respond asymmetrically to shocks in the crude oil market?," Energy Economics, Elsevier, vol. 49(C), pages 227-238.
    5. Marois, William, 1986. "Théorie du déséquilibre et politique économique en économie ouverte," L'Actualité Economique, Société Canadienne de Science Economique, vol. 62(2), pages 257-288, juin.
    6. LAOURARI, Imène & GASMI, Farid, 2016. "The impact of real oil revenues fluctuations on economic growth in Algeria: evidence from 1960-2015 data," MPRA Paper 77590, University Library of Munich, Germany.
    7. Dogrul, H. Günsel & Soytas, Ugur, 2010. "Relationship between oil prices, interest rate, and unemployment: Evidence from an emerging market," Energy Economics, Elsevier, vol. 32(6), pages 1523-1528, November.
    8. repec:zbw:bofrdp:1989_013 is not listed on IDEAS
    9. Everhart, Stephen & Duval-Hernandez, Robert, 2001. "Management of oil windfalls in Mexico : historical experience and policy options for the future," Policy Research Working Paper Series 2592, The World Bank.
    10. Mireille Assouline & Anne Epaulard & Patrick Fève & Marc Vielle, 1990. "Ralentissement de l'activité mondiale et crise du Golfe : quels ajustements pour l'économie française ?," Économie et Prévision, Programme National Persée, vol. 96(5), pages 33-44.
    11. Yugang He & Moongi Lee, 2022. "Macroeconomic Effects of Energy Price: New Insight from Korea?," Mathematics, MDPI, vol. 10(15), pages 1-14, July.
    12. Haaparanta, Pertti & Kontulainen, Jarmo, 1989. "Real exchange rate as an unobservable variable," Research Discussion Papers 13/1989, Bank of Finland.
    13. van der Ploeg, F., 1987. "Rationing in open economy and dynamic macroeconomics : A survey," Other publications TiSEM fd411b51-f487-4dde-a0e9-6, Tilburg University, School of Economics and Management.

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