Traditionally, observed fluctuations in aggregate economic time series have been mainly modelled as being the result of exogenous disturbances. A better understanding of macroeconomic phenomena, however, surely requires looking directly at the relations between variables that may trigger...

The existence of an exact Walrasian equilibrium in non convex economies is still a largely unexplored issue. In this paper an existence result for exact equilibrium in non convex economies is provided by following the almost-near approach introduced by Postlewaite and Schmeidler for convex...

Foreign Direct Investment (FDI) occurs in temporal clusters. In contrast to the existing literature, which explains these clusters as being a result of oligopolistic reaction, this paper presents a two-by-two-by-two general equilibrium model of companies which engage in monopolistic competition....

The classical cobweb theorem is extended to include production lags and price forecasts. Price forecasting based on a longer period has a stabilizing effect on prices. Longer production lags do not necessarily lead to unstable prices; very long lags lead to cycles of constant amplitude. The...

As growing attention is paid to climate change adaptation as an actual policy issue, the significant meaning of climate variability in adaptation decisions is beginning to be recognized. By using a real option framework, we shed light on how climate change and climate variability affect...

This paper discusses the issue of competitiveness and environmental regulation from the viewpoint of strategic environmental policy models. It demonstrates that the incentive for strategic policies is determined only by the reaction of the opponent. Furthermore, it shows that the conditions...

This paper discusses environmental policies which aim at a sustainable use of domestic resources which are mobile. It assumes that one country introduces such a policy but the other country does not. If a resource is mobile, strict domestic environmental policies may increase the resource...

This paper discusses the issue of competitiveness and environmental regulation in a dynamic framework. It presents an example and a general model. It is shown that the dynamic framework cannot lend general support to the hypothesis that strict environmental policies result in an increase in...

This paper discusses the issue of competitiveness and environmental regulation from the viewpoint of Heckscher-Ohlin models. It demonstrates that the impact of unilateral environmental regulations does not necessarily lead to a decrease in international competitiveness. Important is the measure...