Since the late 1960s, economists have been developing methodologies to measure environmental impacts. Among the approaches most widely used are the travel cost method (TCM) and the contingent valuation method (CVM). Generally, these methods provide a reasonable approximation of the value of a...

Factor-endowment based trade with the leading economy helps to explain the differing development performances of the Americas and East Asia in the past two centuries. Between 1830 and 1945, labor-abundant Britain, the most advanced country, traded heavily with land-abundant countries in the...

In the current policy debate, it is often argued that foreign exchange interventions by Asian central banks lead to an excessive appreciation of the euro against the dollar. This paper shows that in a three asset portfolio model the opposite holds: Interventions by Japan's central bank...