Working Paper 06-05 - The Macroeconomic Effects of an Oil Price Shock on the World Economy: A Simulation with the NIME Model

Eric Meyermans and Patrick Van Brusselen

Working Papers from Federal Planning Bureau, Belgium

Abstract: In this Working Paper, we use the nime model to assess the macroeconomic effects of an oil price shock on the world economy. We start with an overview of the nime model, and a presentation of our modelling of oil price shocks. Next, we examine the effect of a permanent 25 per cent increase in the price of oil, under the assumption that the shock is caused by an increase in the mark-up of the oil price.

Keywords: Macroeconometric world model; Oil prices- euro area; World economy (search for similar items in EconPapers)
JEL-codes: C5 F4 (search for similar items in EconPapers)
Date: 2005-04-08
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Persistent link: https://EconPapers.repec.org/RePEc:fpb:wpaper:200506

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