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First published in 1982. The sharp increase in the price of imported oil in the early 1970s generated much interest in the economic impact of large oil price hikes and related energy price increases. The main focus is on oil, and Dr. Feldman's monograph is a needed contribution, revealing the quantitative price impacts of recent oil price shocks in great detail.
Cover -- Half Title -- Title -- Copyright -- Contents -- List of Tables and Diagrams -- Foreword -- Acknowledgments -- 1 INTRODUCTION -- 2 ANALYTICAL FRAMEWORK: FIXED-COEFFICIENT INPUT-OUTPUT TECHNOLOGY -- Introduction -- Analytical Framework -- Assumptions -- Domestic Price Determination -- The Crude Oil Sector -- Geometrical Exposition of the Supply-Side of the Model -- Demand Considerations -- Macro-Economic Context -- Appendix 2A: Disaggregating the Input-Output Table -- Appendix 2B: Derivation of Price and Quantity Equations under Finite Supply Elasticities -- Appendix 2C: Exchange Rate Changes, Total Spending Constant -- Appendix 2D: Exchange Rate Changes, Domestic Output Constant -- 3 ESTIMATED DOMESTIC PRICE EFFECTS: FIXED-COEFFICIENT MODEL -- Introduction -- The Import Price Shock -- Empirical Results -- Conclusion -- Appendix 3A: Proportional Change in Domestic Prices -- Appendix 3B: Data Sources -- 4 ANALYTICAL FRAMEWORK: ALLOWING FOR INTERFUEL SUBSTITUTION -- Introduction -- Analytical Framework -- Substitution Relations -- The Complete Model -- Infinitely Elastic Domestic Supply Curves -- Finite Domestic Supply Elasticities -- Solving the Model -- Appendix 4A: Exchange Rate Changes -- 5 ESTIMATED DOMESTIC PRICE EFFECTS: MODEL INCORPORATING INTERFUEL SUBSTITUTION -- Introduction -- Data Requirements -- Empirical Results -- Conclusion -- Appendix 5A: Proportional Change in Domestic Prices -- 6 CONCLUSION -- BIBLIOGRAPHY -- INDEX.