The flexible-price two-country monetary model is extended to include a consumption externality with habit persistence. Two methodologies are employed to explore this model's ability to generate volatile and persistent exchange rates. In the first, actual data is used for the exogenous driving...

The signing of the Kyoto Protocol and the official recognition of forestry’s capacity to sequester carbon has prompted considerable interest, within the European Union, in forestry as a competing land use application. However, despite large increases in grants to forestry, afforestation rates,...

In this paper, the author develops a stochastic general equilibrium model of the world economy. It differs from previous multicountry models in the introduction of the government sector. The author assumes that countries produce a nonspecialized traded good and that households derive utility...

A consensus is emerging that returns to the currency carry trade are driven by two factors. One of these is probably consumption risk but there is widespread disagreement about the identity of the remaining factor. This paper bolsters the case for volatility being the unknown factor. A...

We present a simple framework in which both the exchange rates disconnect and forward bias puzzles are simultaneously resolved. The flexible-price two-country monetary model is extended to include a consumption externality with habit persistence. Habit persistence is modeled using Campbell...

Purpose: This study aims to examine the factors influencing enterprise risk management and propose a framework for identifying and explaining the components of enterprise risk management. To enable broader analytical thinking about risk factors, the framework utilizes the resource-based theory...