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Adjustment to Expected and Unexpected Oil Price Changes: Corrigendum

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  • Nancy Peregrim Marion
  • Lars E. O. Svensson

Abstract

For oil importers, differences in economic performance after the 1973-74 oil price increase and after the 1979-80 increase can be attributed to a number of factors, including the fact that the 1973-74 oil price increase was unexpected whereas the 1979-80 increase was largely expected. In this paper, we analyze how an economy's adjustment to expected oil price increases might differ from its adjustment to unexpected increases. By expected oil price increases, we shall mean ones that were anticipated in the past, and by unexpected oil price increases, we shall mean those that were not anticipated in the past but occur unexpectedly in the present. We model this distinction using a three- period model, where the periods are called the past, present and future.
(This abstract was borrowed from another version of this item.)
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Nancy Peregrim Marion & Lars E. O. Svensson, 1986. "Adjustment to Expected and Unexpected Oil Price Changes: Corrigendum," Canadian Journal of Economics, Canadian Economics Association, vol. 19(4), pages 816-817, November.
    • Handle: RePEc:cje:issued:v:19:y:1986:i:4:p:816-17
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    Cited by:

    1. Aizenman, Joshua & Frenkel, Jacob A, 1986. "Supply Shocks, Wage Indexation and Monetary Accommodation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 18(3), pages 304-322, August.
    2. Jeroen Schokkaert & Johan F.M. Swinnen & Thijs Vandemoortele, 2012. "Mega Events and Sports Institutional Development: The Impact of the World Cup on Football Academies in Africa," Chapters, in: Wolfgang Maennig & Andrew Zimbalist (ed.), International Handbook on the Economics of Mega Sporting Events, chapter 19, Edward Elgar Publishing.
    3. O Okiti, 2003. "A Dynamic General Equilibrium Model with Terms of Trade Shocks: A Small Open Economy Case," Economics Discussion Paper Series 0333, Economics, The University of Manchester.
    4. O Okiti, 2003. "Temporary and Permanent Terms of Trade Shocks: A Literature Survey," Economics Discussion Paper Series 0334, Economics, The University of Manchester.

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