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

Harry D. Saunders

Year: 1989
Volume: Volume 10
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No4-13
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Abstract:
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.



On Economic Policy Responses to Disruptions: A Reply to Harry Saunders

Bert G. Hickman, Hillard G. Huntington and James L. Sweeney

Year: 1989
Volume: Volume 10
Number: Number 4
DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No4-14
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Abstract:
At its heart, Harry Saunders' Comment raises two principal criticisms I of the EMF study, "Macroeconomic Impacts of Energy Shocks";The EMF study held constant the disrupted-state world oil price; effects of policy actions on the world oil price were not included. Saunders faults the EMF for not explicitly examining these effects. But further, he implies that, in estimating effects of policy actions to counter the oil shock, modelers should have held constant the disrupted-state quantity of oil consumed in the US.





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