OPEC Versus a Large Open Economy: A Stochastic Equilibrium Model

Jon Harkness

Working Paper from Economics Department, Queen's University

Abstract: This paper provides a model to analyze the macro effects of OPEC's monopolistic behaviour in a large open economy. Anticipated macro policies will not alter domestic employment and GNP, unlike for small open economies. Policies designed to reduce reliance on OPEC by encouraging adoption of oil-saving technologies are inflationary and permanently reduce GNP.

Pages: 37
Date: 1980
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Persistent link: https://EconPapers.repec.org/RePEc:qed:wpaper:406

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