| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP65 |
| DP65 Oil Price Shocks, Unemployment, Investment and the Current Account: An Intertemporal Disequilibrium Analysis | |
| Sweder van Wijnbergen | |
| 发表日期 | 1985-06-01 |
| 出版年 | 1985 |
| 语种 | 英语 |
| 摘要 | We use an intertemporal model incorporating short-run labour and goods markets disequilibrium to analyse the consequences of oil price shocks for unemployment, investment and the current account. A dominant transfer element leads to Keynesian unemployment now and deterioration tomorrow in the final-goods terms of trade. A dominant supply-shock element leads to classical unemployment now and an improvement tomorrow in the final-goods terms of trade. Investment falls if there is classical unemployment but increases in the K-region under Putty-Clay technology. Current account deficits are larger in the K-region than in the C-region. If world interest rates fall, investment accelerates in the K-region but not in the C-region. We use these results to explain observed differences in response to oil shocks. |
| 主题 | International Macroeconomics |
| 关键词 | Classical unemployment Disequilibrium Factor price changes Keynesian unemployment Stabilization policy |
| URL | https://cepr.org/publications/dp65 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529221 |
| 推荐引用方式 GB/T 7714 | Sweder van Wijnbergen. DP65 Oil Price Shocks, Unemployment, Investment and the Current Account: An Intertemporal Disequilibrium Analysis. 1985. |
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