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van Wijnbergen, S.J.G. (1985). Oil price shocks, unemployement, investment and the current account: an intertemporal disequilibrium analysis Review of Economic Studies, 52(171 (Oct)):627----.

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    Review of Economic Studies

Recent work on macroeconomics of price increases of intermediate imports while theoretical 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. This 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.