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dc.contributor.authorBjørnland, Hilde C.
dc.contributor.authorThorsrud, Leif Anders
dc.contributor.authorTorvik, Ragnar
dc.date.accessioned2018-04-27T14:08:03Z
dc.date.available2018-04-27T14:08:03Z
dc.date.issued2018
dc.identifier.isbn978-82-8379-020-7
dc.identifier.issn1502-8190
dc.identifier.urihttp://hdl.handle.net/11250/2496437
dc.description.abstractIn this paper we develop the first model to incorporate the dynamic productivity consequences of both the spending effect and the resource movement effect of oil abundance. We show that doing so dramatically alters the conclusions drawn from earlier models of learning by doing (LBD) and the Dutch disease. In particular, the resource movement effect suggests that the growth effects of natural resources are likely to be positive, turning previous growth results in the literature relying on the spending effect on their head. We motivate the relevance of our approach by the example of a major oil producer, Norway, where it seems clear that the predictions based on existing theory do not apply. Although the effects of an increase in the price of oil may resemble results found in the earlier Dutch disease literature, the effects of increased oil activity do not. Therefore, models that only focus on windfall gains due to increased spending potential from higher oil prices, would conclude - incorrectly based on our analysis - that the resource sector cannot be an engine of growth.nb_NO
dc.language.isoengnb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesWorking papers;2018/1
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectDutch diseasenb_NO
dc.subjectresource movementsnb_NO
dc.subjectlearning by doingnb_NO
dc.subjectoil pricesnb_NO
dc.subjecttime-varying VAR modelnb_NO
dc.subjectJEL: C32nb_NO
dc.subjectJEL: E32nb_NO
dc.subjectJEL: F41nb_NO
dc.subjectJEL: Q33nb_NO
dc.titleDutch disease dynamics reconsiderednb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO
dc.source.pagenumber39nb_NO


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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