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Macroeconomic effects of the high oil prices in the period 1979-85 for the Norwegian economy are considered. An alternative low oil price scenario is developed and effects of the oil shock are calculated as the deviation between actual history and the counterfactual base. International effects...
A precautionary saving model is extended to include old-age pensions and provides the framework for an empirical analysis of the relation between old-age pensions and private consumption. Norwegian macro-data for socioeconomic groups of households are used to estimate consumption functions for...
Oil price shocks have played a dominant role in the macroeconomic development of the world economy over the last twenty five years. In this paper a large, estimated, macro-economic world model with time varying trade weights, monetary and fiscal policy rules and explicit modelling of the...