国际货币基金组织：一线希望？从定向技术变革的视角看欧洲能源危机（英文版）

This paper examines how productivity dynamics and, as a consequence, potential output, are affected by energy price shocks. We do this through the lens of a model of endogenous technical change where firms adjust their investment in non-energy productivity and energy productivity in reaction to the economic environment. Higher energy prices prompt a shift in investment from enhancing non-energy (capital and labor) productivity to improving energy efficiency. The resulting gains in energy effi