Oil, National Wealth, and Current and Future Consumption Possibilities
June 1, 1991
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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:
Issue:
060
Series:
Working Paper No. 1991/060
Stock No:
WPIEA0601991
ISBN:
9781451965285
ISSN:
1018-5941
Notes
Taking Norway as a point of departure, this paper discusses the macroeconomics of exhaustible resources.
