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Energy and Resource Allocation: A Dynamic Model of the "Dutch Disease"

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Author Info
Michael Bruno
Jeffrey Sachs
Abstract

It is well known that a domestic resource discovery gives rise to wealth effects that cause a squeeze of the tradeable good sector of an open economy. The decline of the manufacturing sector following an energy discovery has been termed the "Dutch disease," and has been investigated in many recent studies. Our model extends the principally static analyses to date by allowing for: (1 ) short-run capital specificity and long-run capital mobility; (2) inter- national capital flows; and (3) far-sighted intertemporal optimizing behavior by households and firms. The model is solved by numerical simulation.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0852.

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Date of creation: Feb 1982
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Handle: RePEc:nbr:nberwo:0852

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. P J Forsyth & J A Kay, 1980. "The economic implications of North Sea Oil Revenues," Fiscal Studies, Institute for Fiscal Studies, vol. 1(3), pages 1-28, July.
  2. Neary, Peter J & Purvis, Douglas D, 1981. "Real Adjustment and Exchange-rate Dynamics," The Warwick Economics Research Paper Series (TWERPS) 203, University of Warwick, Department of Economics.
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  3. Corden, W Max & Neary, J Peter, 1982. "Booming Sector and De-Industrialisation in a Small Open Economy," Economic Journal, Royal Economic Society, vol. 92(368), pages 825-48, December. [Downloadable!] (restricted)
  4. Bruno, Michael, 1982. " Adjustment and Structural Change under Supply Shocks," Scandinavian Journal of Economics, Blackwell Publishing, vol. 84(2), pages 199-221.
  5. Willem H. Buiter & Douglas D. Purvis, 1983. "Oil, Disinflation, and Export Competitiveness: A Model of the "Dutch Disease"," NBER Working Papers 0592, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  1. Karlygash Kuralbayeva & David Vines, 2008. "Shocks to Terms of Trade and Risk-premium in an Intertemporal Model: The Dutch Disease and a Dutch Party," Open Economies Review, Springer, vol. 19(3), pages 277-303, July. [Downloadable!] (restricted)
  2. Mohammadi, Hassan & Jahan-Parvar, Mohammad R., 2009. "Oil Prices and Exchange Rates in Oil-Exporting Countries: Evidence from TAR and M-TAR Models," MPRA Paper 14578, University Library of Munich, Germany. [Downloadable!]
  3. Donato De Rosa, 2006. "Explaining Russian Manufacturing Exports: Firm Characteristics and External Conditions," PSE Working Papers 2006-22, PSE (Ecole normale supérieure). [Downloadable!]
  4. Hans-Werner Sinn & Frank Westermann, 2001. "Two Mezzogiornos," NBER Working Papers 8125, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Michael Bruno & Jeffrey Sachs, 1982. "Input Price Shocks and the Slowdown in Economic Growth: The Case of U.K.Manufacturing," NBER Working Papers 0851, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. O Okiti, 2003. "Temporary and Permanent Terms of Trade Shocks: A Literature Survey," The School of Economics Discussion Paper Series 0334, Economics, The University of Manchester. [Downloadable!]
  7. Jahan-Parvar, Mohammad R. & Mohammadi, Hassan, 2008. "Oil Prices and Real Exchange Rates in Oil-Exporting Countries: A Bounds Testing Approach," MPRA Paper 13435, University Library of Munich, Germany. [Downloadable!]
  8. Hilde Christiane Bjørnland, 1996. "Sources of Business Cycles in Energy Producing Economies – The case of Norway and United Kingdom," Discussion Papers 179, Research Department of Statistics Norway. [Downloadable!]
  9. Kilian, Lutz & Rebucci, Alessandro & Spatafora, Nikola, 2007. "Oil Shocks and External Balances," CEPR Discussion Papers 6303, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  10. Satish Chand, 2001. "How misaligned is the Australian real exchange rate?," International and Development Economics Working Papers idec01-2, International and Development Economics. [Downloadable!]
  11. Arezki, Rabah & van der Ploeg, Frederick, 2007. "Can the Natural Resource Curse Be Turned Into a Blessing? The Role of Trade Policies and Institutions," CEPR Discussion Papers 6225, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  12. 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. [Downloadable!]
  13. Seung-Gwan Baek, 1996. "Favorable External Shocks, Sectoral Adjustment and De-industrialization in Non-Oil Producing Economies," Center for International and Development Economics Research, Working Paper Series 1038, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley. [Downloadable!]
  14. Masanao Aoki & Sebastian Edwards, 1982. "Export Boom and Dutch Disease: A Dynamic Analysis," UCLA Economics Working Papers 269, UCLA Department of Economics. [Downloadable!]
  15. Satish Chand, 2001. "How misaligned is the Australian real exchange rate?," Macroeconomics Working Papers 559, East Asian Bureau of Economic Research. [Downloadable!]
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