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On Economic Policy Responses to Disruptions: A Reply to Harry Saunders

At its heart, Harry Saunders' Comment raises two principal criticisms I of the EMF study, "Macroeconomic Impacts of Energy Shocks";The EMF study held constant the disrupted-state world oil price; effects of policy actions on the world oil price were not included. Saunders faults the EMF for not explicitly examining these effects. But further, he implies that, in estimating effects of policy actions to counter the oil shock, modelers should have held constant the disrupted-state quantity of oil consumed in the US.

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Energy Specializations: Petroleum – Policy and Regulation; Energy Security and Geopolitics – Energy Security

JEL Codes: Q43: Energy and the Macroeconomy, Q41: Energy: Demand and Supply; Prices, E17: General Aggregative Models: Forecasting and Simulation: Models and Applications

Keywords: Energy shocks, Macroeconomic impacts, Oil policy responses

DOI: 10.5547/ISSN0195-6574-EJ-Vol10-No4-14

Published in Volume 10, Number 4 of the bi-monthly journal of the IAEE's Energy Economics Education Foundation.


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