Relative to the OECD America consumer price index basket, which serves as the numeraire of the model,
average world market fuel prices drop by 6.2%, and world market prices of other primary goods drop by
2.8 % in the simulations. As the model is benchmarked to a 2004 data base and does not capture the
speculative bubble elements in the 2008 pre-crisis oil price hike, the simulations certainly underestimate the
actual oil price reductions in relation to 2008 peak levels.