Sachs, Jeffrey D. <br/><br/>
Energy and Growth under Flexible Exchange Rates:  A Simulation Study / 
Jeffrey D. Sachs. 
 - Cambridge, Mass.  National Bureau of Economic Research  1980. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w0582 .
 - Working Paper Series (National Bureau of Economic Research)  no. w0582. .
<br/><br/> November 1980. 
<br/><br/> This paper offers a theoretical framework for studying the inter-actions of energy prices and economic growth. The incorporation of energy prices and quantities in a macroeconomic setting focuses on (1)the aggregate technology; (2) the interdependence of energy producers and consumers in the world economy; and (3) the asset markets as the channel through which energy price changes affect output and capital accumulation. While several existing studies consider aspects of these issues, none provides a synthesis. In this analysis, a theoretically sound model of an oil price increase in the world economy is presented, carefully treating topics (1) - (3).The model is solved with computer simulation, as it is far too complex to yield analytical solutions. 
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