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• W2288396160 abstract "This thesis represents largely the two sides to both theory and econometrics of dynamicmacroeconomics, namely stationary and non-stationary models and data. The stationarypart concludes with Chapter 3 and in Chapter 4, I look at the non-stationary side.More speci�cally, I preview the thesis in Chapter 1 highlighting the modelling andeconometric approaches commonly found in the economics literature; also I report somekey results. In Chapter 2, I provide a comprehensive, but certainly far from being exhaus-tive, review of the literature dating back to the publication of Stanley Jevon�s (1866) TheCoal Question, but with the main discussion beginning with Harold Hotelling�s (1931) TheEconomics of Exhaustible Resources. I develop a two-sector open economy extension tothe Kydland and Prescott (1982), Long and Plosser (1983) and Kim and Loungani (1992)models in Chapter 3 and estimate it on H-P �ltered annual U.S. data covering 64 years,with the main purpose of discovering how energy price along with other supply-side anddemand-side shocks (imported and domestic) impacts on the U.S. economy. The modelpresented only contains the current account and I restrict trade to balance in every pe-riod. I �nd that model �ts the data for my benchmark variables of interest in the auxiliarymodel: output, real exchange rate, energy use, and consumption. When more variablesand in particular sectoral variables are added, meanwhile, to the auxiliary model, I �ndthat the model�s performance especially as it relates to this estimated model parametersdid not �t. What I take from this is that the estimated structural parameters are notglobally applicable within this economic environment.This model is then further extended by including the capital account in Chapter 4before re-estimation, but now also on non-stationary data, which I suppose is more repre-sentative of reality. I focus on the �t of the model to output and the economy�s measureiof competitiveness: the real exchange rate. I �nd that the energy price and technologyshocks have major e¤ects on the U.S. output and relative competitiveness. The mecha-nisms by which these e¤ects are transmitted are two-fold. First is via the terms of tradeoccurring as a resource drain on the economy as the U.S. would need to �nd extra resourceto commit to the import of crude oil. The second is via household�s reduced investmentactivity. Both channels can be explained by the fact that the substitution away from oilis happening at too slow a pace because of low estimated elasticities parameters. Thisagrees with Hamilton who argued that oil shock works via demand contraction. I have inthis thesis veri�ed his conjecture via a well-motivated and detailed microfounded dynamicstochastic general equilibrium (DSGE) model.Finally, I review the thesis speculating on possible future extensions in Chapter 5." @default.
• W2288396160 created "2016-06-24" @default.
• W2288396160 creator A5072110954 @default.
• W2288396160 date "2016-01-01" @default.
• W2288396160 modified "2023-09-24" @default.
• W2288396160 title "Essays on energy and macroeconomics" @default.
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