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

Sweder van Wijnbergen

The Review of Economic Studies, 1985, vol. 52, issue 4, 627-645

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.

Date: 1985
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Persistent link: https://EconPapers.repec.org/RePEc:oup:restud:v:52:y:1985:i:4:p:627-645.

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