TY  - JOUR
TI  - Development of a Dynamic Stochastic General Equilibrium Model for an Economy with High Dependence on Oil Export
T2  - HSE Economic Journal 
IS  - HSE Economic Journal 
KW  - dynamic stochastic general equilibrium models
KW  - small open economy
KW  - business cycles
KW  - oil prices
AB  - This paper describes a dynamic stochastic general equilibrium (DSGE) model for a small open economy with high dependence on oil export. Model consists of three production sectors: tradable and non-tradable sectors and oil extraction sector. Oil is exported and is used as an intermediate input in tradable and non-tradable sectors. The model also assumes the existence of nominal and real rigidities commonly used in the literature: sticky nominal prices and wages, habits in consumption, costs of adjusting the capital stock and costs of adjusting the utilization rate of the capital. As a practical application of the calibrated model we analyze the effect of oil price shocks.
AU  - Andrej Polbin
UR  - https://ej.hse.ru/en/2013-17-2/106318355.html
PY  - 2013
SP  - 347-387
VL  - 17