Oil Price Shocks, Unemployment, Investment and the Current Account: An Intertemporal Disequilibrium Analysis
用两期模型分析中间进口品涨价对投资、储蓄和经常账户的影响，并纳入第一期劳动和商品市场的非均衡，以解释不同非均衡状态下各国对油价冲击的反应差异。
Recent work on macroeconomics of price increases of intermediate imports while theoretically rigorous and elegant, is still unable to explain the stylized facts. This paper attempts to remedy the shortcomings of earlier papers by using a two-period model to properly analyse investment and savings behaviour and hence the current account. The model also incorporates disequilibrium in first-period labour and goods markets to compare the response of countries in different disequilibrium regimes to shocks in intermediate input prices.