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

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  • Michael Bruno
  • Jeffrey Sachs
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    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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    File URL: http://www.nber.org/papers/w0852.pdf
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    Bibliographic Info

    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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    1. 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.
    2. J. Peter Neary & Douglas D. Purvis, 1983. "Real Adjustment and Exchange Rate Dynamics," NBER Chapters, in: Exchange Rates and International Macroeconomics, pages 285-316 National Bureau of Economic Research, Inc.
    3. 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.
    4. Bruno, Michael, 1982. " Adjustment and Structural Change under Supply Shocks," Scandinavian Journal of Economics, Wiley Blackwell, vol. 84(2), pages 199-221.
    5. 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.
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