Water use in the U.S. has followed a remarkable pattern since 1950, not mimicking the almost uninterrupted 110 percent increase in the size of the U.S. population, the relatively steady 570 percent growth in real GDP, and the 220 percent improvement in per capita GDP. After doubling between 1950...

This paper diagnoses the symptoms of the Dutch disease in a two-sector stochastic endogenous growth model. A productive, low skill-intensive primary sector causes the currency to appreciate in real terms, thus hampering the development of a high skill-intensive secondary sector and thereby...

A structural reform of the Icelandic fishing industry which created the conditions for fair and free trade in fishing permits in Icelandic waters could conceivably remove the main current obstacle to EC membership for Iceland. This reform would grant other EC nations formal access to the market...

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...

We use variation in oil output among Brazilian municipalities to investigate the effects of resource windfalls. We find muted effects of oil through market channels: offshore oil has no effect on municipal non-oil GDP or its composition, while onshore oil has only modest effects on non-oil GDP...

Countries with substantial revenues from renewable resources face a complex range of revenue management issues. What is the optimal time profile of consumption from the revenue, and how much should be saved? Should saving be invested in foreign funds or in the domestic economy? How does...