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Author Kumhof, Michael, author

Title Oil and the world economy : some possible futures / Michael Kumhof and Dirk Muir
Published Washington, D.C. : International Monetary Fund, Research Dept., 2012
Online access available from:
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Description 1 online resource (31 pages)
Series IMF working paper ; WP12/256
IMF working paper ; WP12/256
Summary "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."--Abstract
Notes "October 2012."
Subject Energy consumption -- Econometric models.
Petroleum products -- Prices -- Econometric models.
Form Electronic book
Author Muir, Dirk, author
International Monetary Fund. Research Department.
ISBN 1475539975 (electronic bk.)
9781475539974 (electronic bk.)