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Intertemporal Consistency Issues in Depletable Resources

Karp, Larry; Newbery, David M G - C.E.P.R. Discussion Papers - 1989

The current price of a depletable resource depends on future demands and supplies, which affect how rapidly the resource is exhausted. Plans for future levels of demand and supply can therefore affect the current price. If agents have market power and can commit to future plans, then such plans...

Persistent link: https://www.econbiz.de/10005791297

Time-Consistent Oil Import Tariffs

Karp, Larry; Newbery, David M G - C.E.P.R. Discussion Papers - 1989

Open-loop Nash extraction plans of exhaustible resource producers (in which producers take the plans of others as given) are time-consistent, but the normal specification of the open-loop import plans of countries with market power (in which countries take the import tariffs of other importers...

Persistent link: https://www.econbiz.de/10005281403

Green Policies in a Small Open Economy

Bovenberg, A Lans; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1993

In this paper we develop techniques for measuring the trade policy equivalent of domestic distortions, using a distance function approach. Our measure, the Trade Restrictiveness Index, is shown to equal the uniform tariff which is welfare-equivalent to a given pattern of domestic taxes and...

Persistent link: https://www.econbiz.de/10005123781

Public investment: a remedy or a curse? Examining the Role of Public Investment for Macroeconomic Performance

Ismihan, Mustafa; Ozkan, F Gulcin - C.E.P.R. Discussion Papers - 2007

This paper explores the implications of public investment for macroeconomic performance within a simple two-period policymaking model. We show that under the balanced-budget rule, the contribution of public investment to future output plays a key role in determining its effects on macroeconomic...

Persistent link: https://www.econbiz.de/10005791555

The Sustainable Debts of Philip II: A Reconstruction of Spain's Fiscal Position, 1560-1598

Drelichman, Mauricio; Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2007

The defaults of Philip II have attained mythical status as the origin of sovereign debt crises. The king failed to honour his debts four times during his reign. In this paper, we reassess the fiscal position of Habsburg Spain. New archival evidence allows us to derive comprehensive estimates of...

Persistent link: https://www.econbiz.de/10005656157

Sustainability of Public Finances

Perotti, Roberto; Strauch, Rolf; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1997

finances of its member states. Yet there is no clear definition of sustainability. The economist’s common use of the term …. In this study, we develop a concept of sustainability focusing on the controllability of public finances. In so doing, we … adopt the approach of the Maastricht Treaty, to assume sustainability as long as a country does not violate the double …

Persistent link: https://www.econbiz.de/10005667090

Why Do Many Resource-Rich Countries Have Negative Genuine Saving? Anticipation of Better Times or Rapacious Rent Seeking

van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 2008

We investigate the Hartwick rule for saving of a nation necessary to sustain a constant level of private consumption for a small open economy with an exhaustible stock of natural resources. The amount by which a country saves and invests less than the marginal resource rents equals the expected...

Persistent link: https://www.econbiz.de/10005662316

The Environment and Directed Technical Change

Acemoglu, Daron; Aghion, Philippe; Bursztyn, Leonardo; … - C.E.P.R. Discussion Papers - 2011

This paper introduces endogenous and directed technical change in a growth model with environmental constraints. A unique final good is produced by combining inputs from two sectors. One of these sectors uses "dirty" machines and thus creates environmental degradation. Research can be directed...

Persistent link: https://www.econbiz.de/10009365645

Growth and the Optimal Carbon Tax: When to Switch from Exhaustible Resources to Renewables?

van der Ploeg, Frederick; Withagen, Cees - C.E.P.R. Discussion Papers - 2011

Optimal climate policy is studied in a Ramsey growth model. A developing economy weighs global warming less, hence is more likely to exhaust fossil fuel and exacerbate global warming. The optimal carbon tax is higher for a developed economy. We analyze the optimal time of transition from fossil...

Persistent link: https://www.econbiz.de/10008854461

Fiscal Consolidation in a Currency Union: Spending Cuts vs. Tax Hikes

Erceg, Christopher; Lindé, Jesper - C.E.P.R. Discussion Papers - 2012

This paper uses a two country DSGE model to examine the effects of tax-based versus expenditure-based fiscal consolidation in a currency union. We find three key results. First, given limited scope for monetary accommodation, tax-based consolidation tends to have smaller adverse effects on...

Persistent link: https://www.econbiz.de/10011083421