IDEAS home Printed from https://ideas.repec.org/a/prs/reveco/reco_0035-2764_1983_num_34_5_408744.html
   My bibliography  Save this article

L'impact macro-économique d'un choc pétrolier

Author

Listed:
  • Pierre-Yves Hénin

Abstract

[eng] The macro-economic impact of an oil shock. Pierre-Yves Hénin. The paper provides an analysis of maicroeconomic effets of an oil shock in an economy where prices and wages are sticky in the short run. It relies upon a model which is basically a « disequilibrium » version of .Sachs-Bruno two period model, assuming rationing equilibrium in the first period and walrasian équilibrium in the second one. Both firms and households are intertemporal maximisers, explicit budget constraints are considered and a special attention is paid to the case when a liquidity constraint is imposed to households. For each disiquilibrium regime, the effects of an increase in price of imported oil are shown and the paper give conditions for an oil shock to lead to keynesian unemployment rather than to classical unemployment. It appears that an oil shock is likely to drive in classical. unemployement a net exporting country, an illustration of the so called « Dutch Disease ». [fre] L'article propose une analyse de l'impact macro-économique d'un choc pétrolier dans une économie où les prix et les salaires sont rigides à court terme. Il s'appuie sur un modèle qui peut s'interpréter comme une variante « en déséquilibre » de modèles considérés par M. Bruno et J. Sachs, en supposant un déséquilibre dans la première période et l'équilibre complet à la seconde. A la fois les entreprises et les ménages procèdent à une optimisation intertemporelle, des contraintes de budget explicites sont introduites et l'on envisage en particulier le cas où une contrainte de liquidité est imposée aux ménages. Pour chaque régime d'équilibre avec rationnements, on montre les effets d'un accroissement de prix du pétrole importé et l'article donne les conditions sous lesquelles un choc pétrolier engendrent du chômage keynésien plutôt que du chômage classique. Il apparaît également que le choc pétrolier peut engendrer du chômage classique dans un pays exportateur net, ce qui constitue une illustration du « syndrome hollandais ».

Suggested Citation

  • Pierre-Yves Hénin, 1983. "L'impact macro-économique d'un choc pétrolier," Revue Économique, Programme National Persée, vol. 34(5), pages 865-896.
    • Handle: RePEc:prs:reveco:reco_0035-2764_1983_num_34_5_408744
    DOI: 10.3406/reco.1983.408744
    Note: DOI:10.3406/reco.1983.408744
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/reco.1983.408744
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/
    File URL: https://www.persee.fr/doc/reco_0035-2764_1983_num_34_5_408744
    Download Restriction: Data and metadata provided by Persée are licensed under a Creative Commons "Attribution-Noncommercial-Share Alike 3.0" License http://creativecommons.org/licenses/by-nc-sa/3.0/
    File URL: https://libkey.io/10.3406/reco.1983.408744?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Avinash Dixit, 1978. "The Balance of Trade in a Model of Temporary Equilibrium with Rationing," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 45(3), pages 393-404.
    2. Christopher A. Pissarides, 1978. "Liquidity Considerations in the Theory of Consumption," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 92(2), pages 279-296.
    3. repec:bla:scandj:v:82:y:1980:i:2:p:147-66 is not listed on IDEAS
    4. Ronald Johnson, 1980. "The impact of rising oil prices on the major foreign industrial countries," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Oct, pages 817-824.
    5. Kaldor, Nicholas [Lord], 1976. "Inflation and Recession in the World Economy," Economic Journal, Royal Economic Society, vol. 86(344), pages 703-714, December.
    6. Frenkel, Jacob A & Glyfason, Thorvaldur & Helliwell, John F, 1980. "A Synthesis of Monetary and Keynesian Approaches to Short-Run Balance-of-Payments Theory," Economic Journal, Royal Economic Society, vol. 90(359), pages 582-592, September.
    7. Giavazzi, Francesco & Odekon, Mehmet & Wyplosz, Charles, 1982. "Simulating an oil shock with sticky prices," European Economic Review, Elsevier, vol. 18(2), pages 11-33.
    8. William D. Nordhaus, 1980. "Oil and Economic Performance in industrial Countries," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 11(2), pages 341-400.
    9. Philippe Michel, 1982. "Trois facteurs de la crise dans un modèle de croissance contrainte," Revue Économique, Programme National Persée, vol. 33(5), pages 807-838.
    10. Jeffrey Sachs, 1980. "Wages, Flexible Exchange Rates, and Macroeconomic Policy," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 94(4), pages 731-747.
    11. Erling Steigum, 1981. "Keynesian and Classical Unemployment in an Open Economy," Palgrave Macmillan Books, in: Lars Matthiessen & Steinar Strøm (ed.), Unemployment, pages 19-38, Palgrave Macmillan.
    12. J. Peter Neary, 1980. "Nontraded Goods and the Balance of Trade in a Neo-Keynesian Temporary Equilibrium," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 95(3), pages 403-429.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Plassard, Romain & Renault, Matthieu, 2023. "General equilibrium models with rationing: The making of a ‘European specialty’," European Economic Review, Elsevier, vol. 159(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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.
    2. Michael Bruno, 1982. "Import Competition and Macroeconomic Adjustment under Wage-Price Rigidity," NBER Chapters, in: Import Competition and Response, pages 9-38, National Bureau of Economic Research, Inc.
    3. Bryce Hool & J. David Richardson, 1980. "International Trade, Indebtedness, and Welfare Repercussions among Supply-Constrained Economies under Floating Exchange Rates," NBER Working Papers 0571, National Bureau of Economic Research, Inc.
    4. Ricci, Luca Antonio, 1995. "Exchange rate regimes and location," Discussion Papers, Series II 291, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    5. Benassy, Jean-Pascal, 1990. "Non-Walrasian equilibria, money, and macroeconomics," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 4, pages 103-169, Elsevier.
    6. Philippe Michel, 1982. "Trois facteurs de la crise dans un modèle de croissance contrainte," Revue Économique, Programme National Persée, vol. 33(5), pages 807-838.
    7. Richard Dusansky & David Franck & Nadeem Naqvi, 2000. "The true shadow price of foreign exchange," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 24(2), pages 206-214, June.
    8. Plassard, Romain & Renault, Matthieu, 2023. "General equilibrium models with rationing: The making of a ‘European specialty’," European Economic Review, Elsevier, vol. 159(C).
    9. Benassy, Jean-Pascal, 1993. "Nonclearing Markets: Microeconomic Concepts and Macroeconomic Applications," Journal of Economic Literature, American Economic Association, vol. 31(2), pages 732-761, June.
    10. 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.
    11. An, Lian & Kim, Gil & Ren, Xiaomei, 2014. "Is devaluation expansionary or contractionary: Evidence based on vector autoregression with sign restrictions," Journal of Asian Economics, Elsevier, vol. 34(C), pages 27-41.
    12. Pulapre Balakrishnan & M Parameswaran, 2019. "Modeling the Dynamics of Inflation in India," Working Papers 16, Ashoka University, Department of Economics.
    13. Ott, Mack & Tatom, John A., 1986. "Are energy prices cyclical?," Energy Economics, Elsevier, vol. 8(4), pages 227-236, October.
    14. Boyer, Robert, 1992. "La crise de la macroéconomie, une conséquence de la méconnaissance des institutions?," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 43-68, mars et j.
    15. Aurélien Goutsmedt, 2021. "From the Stagflation to the Great Inflation: Explaining the US economy of the 1970s," Revue d'économie politique, Dalloz, vol. 131(3), pages 557-582.
    16. Sule Alan & Gyongyi Loranth, 2013. "Subprime Consumer Credit Demand: Evidence from a Lender's Pricing Experiment," The Review of Financial Studies, Society for Financial Studies, vol. 26(9), pages 2353-2374.
    17. Amitava Krishna Dutt, 1989. "Sectoral Balance: A Survey," WIDER Working Paper Series wp-1989-056, World Institute for Development Economic Research (UNU-WIDER).
    18. J. Peter Neary & Joseph E. Stiglitz, 1979. "Towards A Reconstruction of Keynesian Economics: Expectations and Constrained Equilibria," NBER Working Papers 0376, National Bureau of Economic Research, Inc.
    19. Marc Audi & Amjad Ali, 2023. "Public Policy and Economic Misery Nexus: A Comparative Analysis of Developed and Developing World," International Journal of Economics and Financial Issues, Econjournals, vol. 13(3), pages 56-73, May.
    20. Kubendran, N., 2020. "Testing the Effectiveness of Johnsonian Approach using India’s Balance of Payments," Romanian Economic Business Review, Romanian-American University, vol. 15(3), pages 61-80, September.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:reveco:reco_0035-2764_1983_num_34_5_408744. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/reco .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.