Oil and the World Economy Some Possible Futures
| Author/creator | Kumhof, Michael Author |
| Other author | Muir, Dirk Author |
| Format | Electronic |
| Publication Info | Washington : International Monetary Fund |
| Description | 31 p. |
| Supplemental Content | Full text available from Ebook Central - Academic Complete |
| Summary | Annotation This paper, using a six-region DSGE model of the world economy, assesses the GDP and current account implications of permanent oil supply shocks hitting the world economy at an unspecified future date. for modest-sized shocks and conventional production technologies the effects are modest. But for larger shocks, for elasticities of substitution that decline as oil usage is reduced to a minimum, and for production functions in which oil acts as a critical enabler of technologies, GDP growth could drop significantly. Also, oil prices could become so high that smooth adjustment, as assumed in the model, may become very difficult. |
| Access restriction | Available only to authorized users. |
| Technical details | Mode of access: World Wide Web |
| Genre/form | Electronic books. |
| ISBN | 9781475588354 |
| ISBN | 1475588356 (E-Book) Active Record |
| Stock number | 00013468 |