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Comment on "Macroeconomic Impacts of Energy Shocks," the Energy Modeling Forum Comparison of Models

In its recently completed study of energy shocks, the Energy Modeling Forum (EMF) took 14 macroeconomic models and, by carefully comparing them, evaluated a number of policies for counteracting the negative impacts of an oil shock. The study provides an exceptional look at this important question, and the summary report by Hickman, Huntington, and Sweeney (1987) is full of valuable insights. Energy economists with an interest in this field should view the summary report, along with all its supporting reports and individual modeler summaries (available from EMF), as a required reference.

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Energy Specializations: Petroleum – Policy and Regulation; Energy Security and Geopolitics – Geopolitics of Energy

JEL Codes:
E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
Q48 - Energy: Government Policy

Keywords: Energy shocks, Macroeconomic impacts, Oil policy

DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No4-13

Published in Volume 10, Number 4 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.