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Auctioning conservation contracts in the presence of externalities

Calel, Raphael - London School of Economics (LSE) - 2010

Current models of conservation auctions do not permit for the presence of environmental externalities and synergies … environmental externalities. Clearly, our models do not tell the whole story, and they consequently fail to identify waste and … inefficiency in these auctions. Our paper shows how externalities between bidders can be incorporated into our models of …

Persistent link: https://www.econbiz.de/10010745522

Inequality, communication and the avoidance of disastrous climate change

Tavoni, Alessandro; Dannenberg, Astrid; Kallis, Giorgos; … - London School of Economics (LSE) - 2011

International efforts to provide global public goods often face the challenges of coordinating national contributions and distributing costs equitably in the face of uncertainty, inequality, and free-riding incentives. In an experimental setting, we distribute endowments unequally among a group...

Persistent link: https://www.econbiz.de/10011071462

Asymmetric industrial energy prices and international trade

Sato, Misato; Dechezlepretre, Antoine - London School of Economics (LSE) - 2015

This paper measures the response of bilateral trade flows to differences in industrial energy prices across countries. Using a panel for the period 1996-2011 including 42 countries, 62 sectors and covering 60% of global merchandise trade, we estimate the short-run effects of sector-level energy...

Persistent link: https://www.econbiz.de/10011206864

Designing target rules for international monetary policy cooperation

Benigno, Gianluca; Benigno, Pierpaolo - London School of Economics (LSE) - 2004

This study analyzes a two-country dynamic general equilibrium model with nominal rigidities, monopolistic competition and producer currency pricing. A quadratic approximation to the utility of the consumers is derived and assumed as the policy objective function of the policymakers. It is shown...

Persistent link: https://www.econbiz.de/10010928623

Gains from coordination in a multi-sector open economy : does it pay to be different?

Liu, Zheng; Pappa, Evi - London School of Economics (LSE) - 2005

This paper presents a new argument for international monetary policy coordination based on considerations of structural asymmetries across countries. In a two-country world with a traded and a non-traded sector in each country, optimal independent monetary policy cannot replicate the...

Persistent link: https://www.econbiz.de/10010928792

The unbearable tightness of being in a monetary union : fiscal restrictions and regional stability

Pappa, Evi - London School of Economics (LSE) - 2004

We study how constrained fiscal policy can affect regional inflation and output in a two-region model of a monetary union with sticky prices and distortionary taxation. Both government expenditure and taxes can be used to stabilize regional variables; however, the best welfare outcome is...

Persistent link: https://www.econbiz.de/10010745335

Currency unions in prospect and retrospect

Silva, J.M.C. Santos; Tenreyro, Silvana - London School of Economics (LSE) - 2010

We critically review the recent literature on currency unions, and discuss the methodological challenges posed by the empirical assessment of their costs and benefits. In the process, we provide evidence on the economic effects of the euro. In particular, and in contrast with estimates of the...

Persistent link: https://www.econbiz.de/10010746444

Do the ECB and the Fed really need to cooperate? Optimal monetary policy in a two-country world

Pappa, Evi - London School of Economics (LSE) - 2004

A two-country model with monopolistic competition and price stickiness is employed to investigate the implications for macroeconomic stability and the welfare properties of three international policy arrangements: (a) cooperative, (b) non-cooperative and (c) monetary union. I characterize the...

Persistent link: https://www.econbiz.de/10010746669

Systemic sovereign risk: macroeconomic implications in the euro area

Bahaj, Saleem A. - London School of Economics (LSE) - 2014

What are the macroeconomic implications of changes in sovereign risk premia? In this paper, I use a novel identification strategy coupled with a new dataset for the Euro Area to answer this question. I show that exogenous innovations in sovereign risk premia were an important driver of the...

Persistent link: https://www.econbiz.de/10011126365

Politics in coalition formation of local governments

Saarimaa, Tuukka; Tukiainen, Janne - London School of Economics (LSE) - 2012

We analyze empirically the coalition formation of local governments using a novel reduced form econometric procedure that allows for multi-partner mergers. Using Finnish municipal merger data where mergers were decided independently at the local level, we find that merger decisions are largely...

Persistent link: https://www.econbiz.de/10011126128