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Oil, National Wealth, and Current and Future Consumption Possibilities

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  • Gunnar Tersman

Abstract

This paper offers a discussion about the macroeconomics of exhaustible resources. In a resource-based economy, long-term sustainability is an obvious issue. This paper outlines some ideas on how to treat issues related to exhaustible resources in a macroeconomic context. Based on a small dynamic general equilibrium model, the approach is demonstrated with the help of some simple numerical examples.

Suggested Citation

  • Gunnar Tersman, 1991. "Oil, National Wealth, and Current and Future Consumption Possibilities," IMF Working Papers 91/60, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:91/60
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    Cited by:

    1. Jan-Peter Olters & Daniel Leigh, 2006. "Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy; Lessons from Gabon," IMF Working Papers 06/193, International Monetary Fund.
    2. St├ęphane Carcillo & Mauricio Villafuerte & Daniel Leigh, 2007. "Catch-Up Growth, Habits, Oil Depletion, and Fiscal Policy; Lessons from the Republic of Congo," IMF Working Papers 07/80, International Monetary Fund.

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