The claim by global trade modelers that the potential contribution to global economic welfare of removing agricultural subsidies is less than one-tenth of that from removing agricultural tariffs puzzles many observers. To help explain that result, this paper first compares the OECD and...

We examine wage bargaining in a two-sector economy when the employers and labour unions in each sector are not always aware of all the general equilibrium feedback effects. We show analytically that if agents only consider labour demand effects, low real wages and low unemployment are the...

This paper provides estimates of the economic impact of initial adoption of genetically modified (GM) cotton and of its potential impacts beyond the few countries where it is currently common. Use is made of the latest version of the GTAP database and model. Our results suggest that by following...

In this paper we evaluate quantitatively the impact of mass emigration from Ireland between the 1850s and the first World War on Irish real wages. We produce new estimates for several occupations which show that, contrary to some accounts, real wage growth in Ireland was respectable by...

Our objective is to identify the trading strategy that would allow an investor to take advantage of ''excessive'' stock price volatility and “sentiment” fluctuations. We construct a general-equilibrium model of sentiment. In it, there are two classes of agents and stock prices are...

We examine the macroeconomic consequences of industry wage-bargaining and product market reforms. We suggest that general equilibrium effects may be important for the evaluation of industry-specific regulations. In particular, we suggest that the European unemployment problem can be traced back...

This paper provides a quantitative assessment of the effects of inflation through changes in the value of nominal assets. We document nominal positions in the US across sectors as well as different groups of households, and estimate the redistribution brought about by a moderate inflation...

High levels of protection and domestic support for farmers in developed countries significantly affect many least developed countries (LDCs), both directly and through the price-depressing effect of agricultural support policies. High tariffs and domestic support may also lower the world price...

We assess some likely consequences of commercial policy in an intertemporal CGE model of an imperfectly competitive, small open economy. Specifically, we combine an overlapping generations model of aggregate savings with capital accumulation by forward-looking investors and production under...

In this paper we provide an economic assessment of the Uruguay Round agreements on tariffs, textiles and clothing, and agriculture, highlighting scale economies, imperfect competition, and dynamic linkages between trade, incomes, and investment. We present estimates of the welfare effects of the...