Showing 1 - 10 of 152
We decompose the economic implications of the Kyoto Protocol at the cross-country level, splitting the total economic impact for each region into contributions from its own emission abatement policy and those from other regions. Our analysis which is based on a large-scale computable general...
Persistent link: https://www.econbiz.de/10013428314
Using a nonlinear Bayesian likelihood approach that fully accounts for the lower bound on nominal interest rates, we analyze US post-crisis macroeconomic dynamics and provide reference parameter estimates. We find that despite the attention received in the literature, neither the inclusion of...
Persistent link: https://www.econbiz.de/10012406022
Did the Federal Reserve's Quantitative Easing (QE) in the aftermath of the financial crisis have macroeconomic effects? To answer this question, we estimate a large-scale DSGE model over the sample from 1998 until 2020, including data of the Fed's balance sheet. We allow for QE to affect the...
Persistent link: https://www.econbiz.de/10012426411
We show that if business cycles are driven by financial shocks, the interplay between the effective lower bound (ELB) and the costs of external financing can generate an additional supply-side channel, which causes a disconnect between inflation and output. In normal times, factor costs dominate...
Persistent link: https://www.econbiz.de/10012792813
This paper evaluates the economic effects of Turkish EU membership. The evaluation is based on a widely utilized computable general equilibrium model called GTAP (Global Trade Analysis Project). Imperfect competition is modelled via assumption of scale economies on non agricultural sectors. The...
Persistent link: https://www.econbiz.de/10012502964
This paper provides an overview of the treatment of technological change in economic models of environmental policy. Numerous economic modeling studies have confirmed the sensitivity of mid- and long-run climate change mitigation cost and benefit projections to assumptions about technology...
Persistent link: https://www.econbiz.de/10001628920
This paper examines the distributional impacts from (i) harmonizing prices for carbon dioxide emissions across sectors and EU countries and (ii) using alternative rules for carbon revenue distribution. We develop a numerical multi-country multi-sector general equilibrium model of the EU-27...
Persistent link: https://www.econbiz.de/10012619003
In this paper we model foreign capital flow to Brazil as stemming from an investment decision that whose risk depends on the expected rate of loss of foreign reserves. This motivates the estimation of an empirical relationship between these two variables that is valid for "normal" periods (when...
Persistent link: https://www.econbiz.de/10012023633
Persistent link: https://www.econbiz.de/10013428504
This paper investigates the economic impacts of two policy proposals: "Strom ohne Atom" (SOA) and "Moratorium Plus" (MOP), both of which contain a premature phase-out of nuclear power in Switzerland. While MOP restricts business-as-usual operation time of existing nuclear power plants to 40...
Persistent link: https://www.econbiz.de/10013428459