In its recently completed study of energy shocks, the Energy Modeling Forum (EMF) took 14 macroeconomic models and, by carefully comparing them, evaluated a number of policies for counteracting the negative impacts of an oil shock. The study provides an exceptional look at this important question, and the summary report by Hickman, Huntington, and Sweeney (1987) is full of valuable insights. Energy economists with an interest in this field should view the summary report, along with all its supporting reports and individual modeler summaries (available from EMF), as a required reference.
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