Oil, National Wealth, and Current and Future Consumption Possibilities

June 1, 1991

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Commodities, Consumption, Financial services, Income, National accounts, Oil, Oil prices, Prices, Real interest rates

Keywords: Consumption, consumption growth, consumption path, consumption possibility, Income, income consumer, Oil, oil GDP, Oil prices, Real interest rates, terms of trade, WP

Pages:
58
Volume:
1991
DOI:
https://doi.org/10.5089/9781451965285.001
Issue:
060
Series:
Working Paper No. 1991/060
Stock No:
WPIEA0601991
ISBN:
9781451965285
ISSN:
1018-5941

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Notes

Taking Norway as a point of departure, this paper discusses the macroeconomics of exhaustible resources.

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