External Shocks and Structural Adjustments : A Dutch Disease Dynamic Analysis
AbstractThis paper develops a three-sector dynamic general equilibrium model of Dutch Disease for an oil-exporting small open economy. Agricultural, manufacturing and nontradable goods are distinguished. Sectoral capital stock adjusts gradually. Spiral or monotone adjustment paths occur depending on the typology of the economy. A more developed oil exporter could experience spiral adjustments; the short-run and long-run sectoral effects of an oil shock are qualitatively different. A less developed oil exporter would experience monotone adjustments; the short-run and long-run sectoral effects of an oil shock are qualitatively similar. The model developed can be applied to any "small" open economy adjusting to external revenues and terms of trade shocks.
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Bibliographic InfoPaper provided by Yale - Economic Growth Center in its series Papers with number 760.
Length: 25 pages
Date of creation: 1996
Date of revision:
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ECONOMIC MODELS; OIL INDUSTRY;
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- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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- Everhart, Stephen & Duval-Hernandez, Robert, 2001. "Management of oil windfalls in Mexico : historical experience and policy options for the future," Policy Research Working Paper Series 2592, The World Bank.
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