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- W122938166 abstract "In this chapter, a simpler approach to the question of how oil prices are determined will be followed. Demand for OPEC oil will be treated as an aggregate, i.e. there will be no distinction any more between adjustment processes on the demand side and adjustments by the fringe of the cartel. This simplification yields a much simpler structure of the model, and some of the features that have been neglected in Chapter 4 will now be analysed in more detail. This applies to the long-run dynamics of the model, to the effects of parameter variations, and to the economic interpretation of some results.KeywordsInterest RateOptimal PathEquilibrium PriceUser CostPrice ShockThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves." @default.
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- W122938166 date "1989-01-01" @default.
- W122938166 modified "2023-09-27" @default.
- W122938166 title "A simplified version of the model" @default.
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