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Working Paper 06-05 - The Macroeconomic Effects of an Oil Price Shock on the World Economy : A Simulation with the NIME Model

Author

Listed:
  • Eric Meyermans
  • Patrick Van Brusselen

Abstract

In this Working Paper, we use the nime model to assess the macroeconomic effects of an oil price shock on the world economy. We start with an overview of the nime model, and a presentation of our modelling of oil price shocks. Next, we examine the effect of a permanent 25 per cent increase in the price of oil, under the assumption that the shock is caused by an increase in the mark-up of the oil price.

Suggested Citation

  • Eric Meyermans & Patrick Van Brusselen, 2005. "Working Paper 06-05 - The Macroeconomic Effects of an Oil Price Shock on the World Economy : A Simulation with the NIME Model," Working Papers 200506, Federal Planning Bureau, Belgium.
    • Handle: RePEc:fpb:wpaper:200506
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    File URL: https://www.plan.be/uploaded/documents/200605091448057.WP0506en.pdf
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    More about this item

    Keywords

    Macroeconometric world model; Oil prices- euro area; World economy;
    All these keywords.

    JEL classification:

    • C5 - Mathematical and Quantitative Methods - - Econometric Modeling
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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