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On The Oil Price-GDP Relationship (in Japanese)

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  • Akira Maeda

Abstract

This paper analyzes the macroeconomic impact of high oil prices on national economies. Using an analytical model, we show that oil price-real GDP elasticity can be estimated roughly from current oil prices, GDP, and oil imports and exports. In contrast to large-scale modeling, our approach is based on simple algebra and clear assumptions, and thus provides policy makers with a more transparent view of the vulnerability of economies to oil price increases in terms of GDP.

Suggested Citation

  • Akira Maeda, 2007. "On The Oil Price-GDP Relationship (in Japanese)," Economic Analysis, Economic and Social Research Institute (ESRI), vol. 179, pages 74-91, August.
    • Handle: RePEc:esj:esriea:179d
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    File URL: http://www.esri.go.jp/jp/archive/bun/bun179/bun179d.pdf
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