On The Oil Price-GDP Relationship (in Japanese)

Akira Maeda

Economic Analysis, 2007, vol. 179, 74-91

Abstract: This paper analyzes the macroeconomic impact of high oil prices on national economies. Using an analytical model, we show that oil price-real GDP elasticity can be estimated roughly from current oil prices, GDP, and oil imports and exports. In contrast to large-scale modeling, our approach is based on simple algebra and clear assumptions, and thus provides policy makers with a more transparent view of the vulnerability of economies to oil price increases in terms of GDP.

Date: 2007
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