Energy Price Shocks and Business Cycles in a Small Open Economy

<正> This paper modifies a typical real business cycle(RBC)modelwith indivisible labor by explicitly including energy as a productiveinput and modeling the relative price of energy as an exogenousrandom process. In closed models, the production technology offirms is described by alternative specifications, which include CobbDouglas,regular CES and nested CES functions, respectively. Our