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• W2105125874 abstract "We create a model with a distinction between investment in consumer durables and capital goods, as well as energy use by households and firms, to evaluate the importance of energy price shocks for output fluctuations. Simulation results indicate that this economy has a smaller proportion of output fluctuations attributable to energy price shocks than one without durable goods and household energy use. We show that an energy price hike is absorbed by reducing investment in durables more than in fixed capital. This rebalancing effect cushions the hit to future production. Thus, productivity shocks remain the prime driver for output fluctuations." @default.
• W2105125874 created "2016-06-24" @default.
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• W2105125874 date "2008-10-01" @default.
• W2105125874 modified "2023-09-23" @default.
• W2105125874 title "Energy Price Shocks and the Macroeconomy: The Role of Consumer Durables" @default.
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• W2105125874 doi "https://doi.org/10.1111/j.1538-4616.2008.00163.x" @default.
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