Oil and the world economy some possible futures /
Kumhof, Michael.
Oil and the world economy some possible futures / [electronic resource] : Michael Kumhof and Dirk Muir. - Washington, D.C. : International Monetary Fund, Research Dept., 2012. - 1 online resource (31 p.) - IMF working paper ; WP12/256 . - IMF working paper ; WP12/256. .
"October 2012".
"This paper, using a six-region DSGE model of the world economy, assesses the GDP and current account implications of permanent oil supply shocks hitting the world economy at an unspecified future date. For modest-sized shocks and conventional production technologies the effects are modest. But for larger shocks, for elasticities of substitution that decline as oil usage is reduced to a minimum, and for production functions in which oil acts as a critical enabler of technologies, GDP growth could drop significantly. Also, oil prices could become so high that smooth adjustment, as assumed in the model, may become very difficult."- -Abstract.
9781475539974 (electronic bk.) 1475539975 (electronic bk.)
Petroleum products--Prices--Econometric models.
Energy consumption--Econometric models.
BUSINESS & ECONOMICS / Industries / General
Electronic books.
HD9560.4
338.2/728
Oil and the world economy some possible futures / [electronic resource] : Michael Kumhof and Dirk Muir. - Washington, D.C. : International Monetary Fund, Research Dept., 2012. - 1 online resource (31 p.) - IMF working paper ; WP12/256 . - IMF working paper ; WP12/256. .
"October 2012".
"This paper, using a six-region DSGE model of the world economy, assesses the GDP and current account implications of permanent oil supply shocks hitting the world economy at an unspecified future date. For modest-sized shocks and conventional production technologies the effects are modest. But for larger shocks, for elasticities of substitution that decline as oil usage is reduced to a minimum, and for production functions in which oil acts as a critical enabler of technologies, GDP growth could drop significantly. Also, oil prices could become so high that smooth adjustment, as assumed in the model, may become very difficult."- -Abstract.
9781475539974 (electronic bk.) 1475539975 (electronic bk.)
Petroleum products--Prices--Econometric models.
Energy consumption--Econometric models.
BUSINESS & ECONOMICS / Industries / General
Electronic books.
HD9560.4
338.2/728