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The Short-Term Effect Of Domestic Oil Price Increases On The Australian Economy With Special Reference To The Agricultural Sector

Author

Listed:
  • Vincent, David P.
  • Dixon, Peter B.
  • Parmenter, B.R.
  • Sams, D.C.

Abstract

The rise in the domestic price of oil products implied by the new import parity pricing policy for domestic crude oil is likely to pose some problems for macroeconomic management. In this paper an attempt has been made to quantify the short-run adjustment problems involved, using the ORANI 78 model of the Australian economy. Results are presented for a range of variables of interest, including macroeconomic variables, industrial and workforce composition and farm incomes. With fixed real wages, farm incomes are projected to decline by between 6 and 8 per cent.

Suggested Citation

  • Vincent, David P. & Dixon, Peter B. & Parmenter, B.R. & Sams, D.C., 1979. "The Short-Term Effect Of Domestic Oil Price Increases On The Australian Economy With Special Reference To The Agricultural Sector," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 23(2), pages 1-23, August.
    • Handle: RePEc:ags:ajaeau:22804
    DOI: 10.22004/ag.econ.22804
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    Cited by:

    1. Qiu, Cheng & Colson, Gregory & Escalante, Cesar & Wetzstein, Michael, 2012. "Considering macroeconomic indicators in the food before fuel nexus," Energy Economics, Elsevier, vol. 34(6), pages 2021-2028.
    2. Kerkelä, Leena & Niemi, Janne, 2002. "Trade Policy, Factor Markets and Social Structures in Africa," Conference papers 331015, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    3. Geoff W. Edwards, 1987. "Agricultural Policy Debate: A Survey," The Economic Record, The Economic Society of Australia, vol. 63(2), pages 129-143, June.
    4. F. H. Gruen & A. L. Hillman, 1981. "A Review of Issues Pertinent to Liquid Fuel Policy," The Economic Record, The Economic Society of Australia, vol. 57(2), pages 111-127, June.
    5. Li, Ji Feng & Wang, Xin & Zhang, Ya Xiong & Kou, Qin, 2014. "The economic impact of carbon pricing with regulated electricity prices in China—An application of a computable general equilibrium approach," Energy Policy, Elsevier, vol. 75(C), pages 46-56.
    6. J. W. Freebairn, 1980. "The IMPACT Project:A Review," The Economic Record, The Economic Society of Australia, vol. 56(152), pages 17-35, March.
    7. Ajmi, Ahdi N. & Gupta, Rangan & Kruger, Monique & Schoeman, Nicola & Walters, Leoné, 2016. "The Nonparametric Relationship between Oil and South African Agricultural Prices - La relazione nonparametrica tra il prezzo del petrolio e i prezzi dei prodotti agricoli in Sud Africa," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 69(2), pages 93-112.
    8. Ahdi N. Ajmi & Rangan Gupta & Monique Kruger & Nicola Schoeman & Leoné Walters, 2014. "The Nonparametric Relationship between Oil and South African Agricultural Prices," Working Papers 201461, University of Pretoria, Department of Economics.
    9. Chantret, Francois & Gohin, Alexandre, 2009. "The Long-Run Impact of Energy Prices on World Agricultural Markets: The Role of Macro-Economic Linkages," 2009 Conference, August 16-22, 2009, Beijing, China 51560, International Association of Agricultural Economists.
    10. Gohin, A. & Chantret, F., 2010. "The long-run impact of energy prices on world agricultural markets: The role of macro-economic linkages," Energy Policy, Elsevier, vol. 38(1), pages 333-339, January.
    11. Kingma, Onko Tjerek & Longmire, James L. & Stoeckel, Andrew B., 1980. "A Review Of Three Research Programs In Quantitative Modelling In The Bureau Of Agricultural Economics," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 24(3), pages 1-24, December.

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    Resource /Energy Economics and Policy;

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