This paper analyzes issues concerning the speed of adjustment and sequencing of reforms in a transition economy. It presents a dynamic general equilibrium model parameterized with Chinese data. The model is used to generate different policy simulations that highlight the importance of the policy...

A disaggregated general equilibrium model is constructed of a small, open economy with ad valorem taxes on domestic production and tariffs on imports. Domestic currency and foreign exchange are included, which allows the existence of current and capital accounts and a general price level. The...

The significant increase in exchange rate variability over the last several years has made it necessary for all countries, regardless of their exchange rate policies, to consider the effect of multilateral exchange rate changes on their balance of payments. This study presents an attempt to...

The paper presents a theoretical model designed to analyze the extent to which spending by the public sector crowds out production and investment by the private sector. The model is dynamic with two periods, and all agents have perfect foresight. Private enterprises are constrained to cover...

A major task confronting policymakers in recent years has been to predict the effects of changes in the various parameters under their control. When these changes are small--for instance, a slight shift in a tax rate--partial-equilibrium models have normally been used for prediction, on the...

This paper analyzes the interrelationship between distortions in a country's relative price structure and rate of inflation. The model developed in the paper is applied to the recent period of high inflation in Argentina. A monetary model is constructed in which demand for real balances is...

This paper analyzes issues concerning the speed of adjustment and sequencing of reforms in a transition economy. It presents a dynamic general equilibrium model parameterized with Chinese data. The model is used to generate different policy simulations that highlight the importance of the policy...