Oil, National Wealth, and Current and Future Consumption Possibilities

Gunnar Tersman

No 1991/060, IMF Working Papers from International Monetary Fund

Abstract: This paper offers a discussion about the macroeconomics of exhaustible resources. In a resource-based economy, long-term sustainability is an obvious issue. This paper outlines some ideas on how to treat issues related to exhaustible resources in a macroeconomic context. Based on a small dynamic general equilibrium model, the approach is demonstrated with the help of some simple numerical examples.

Keywords: WP; consumption possibility; oil GDP; consumption growth; consumption path; income consumer; terms of trade; Consumption; Oil; Income; Oil prices; Real interest rates (search for similar items in EconPapers)
Pages: 58
Date: 1991-06-01
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Citations: View citations in EconPapers (5)

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