Rethinking the Macroeconomics of Resource-Rich Countries

Rabah Arezki, Raouf Boucekkine, Jeffrey Frankel, Mohammed Laksaci, Rick van der Ploeg 24 April 2018



Table of Contents


1 Introduction
Rabah Arezki, Raouf Boucekkine, Jeffrey Frankel, Mohamed Laksaci and Rick van der Ploeg

PART I: Shifting Landscape

2 Rethinking the oil market in the aftermath of the recent price slump
Rabah Arezki

PART II: Macroeconomic Policy Options

3 How to cope with volatile commodity export prices: Three proposals
Jeffrey Frankel

4 Monetary regimes to cope with volatile commodity export prices: Two proposals
Jeffrey Frankel

5 Managing oil and gas revenue before and after the crash
Rick van der Ploeg

6 Oil prices and the exchange rate: Optimal monetary policy for oil-exporting countries
Ragnar Torvik

7 Monetary policy in oil-exporting countries: The curse of horizons
Rabah Arezki

PART III: Finance and Diversification

8 Finance and resource booms: A complicated relationship
Thorsten Beck

9 Three funds for managing natural resource wealth
Rick van der Ploeg

10 From economic diversification to growth
Thorvaldur Gylfason

11 Diversifying the Middle East and Africa
Jean Imbs

Chief Economist & Vice President, African Development Bank & Senior Fellow, Harvard’s Kennedy School of Government

Professor of Economics, Aix-Marseille University

Economist and Professor, Harvard Kennedy School

Former governor, Bank of Algeria; Visiting Lecturer, Ecole Superieure de Commerce, Algiers

Professor of Economics and Research Director of OxCarre, University of Oxford


CEPR Policy Research