In a two country world where each country has a traded and a non-traded sector and each sector has sticky prices, optimal independent policy in general cannot replicate the natural-rate allocations. There are potential welfare gains from coordination since the planner under a cooperating regime...

We study the macroeconomic effects of uncertainty shocks in a DSGE model with labor search frictions and sticky prices. In contrast to a real business cycle model, the model with search frictions implies that uncertainty shocks reduce potential output, because a job match represents a long-term...

Heightened uncertainty acts like a decline in aggregate demand because it depresses economic activity and holds down inflation. Policymakers typically try to counter uncertainty's economic effects by easing the stance of monetary policy. But, in the recent recession and recovery, nominal...

Combustion-generated pollutants, principally those from solid-fuels including biomass and coal when cooking and heating, bring out a significant public health hazard in both developed and developing countries. Most of the existing studies addressing this issue focus on developing countries, and...

We examine the sources of macroeconomic economic fluctuations by estimating a variety of medium-scale DSGE models within a unified framework that incorporates regime switching both in shock variances and in the inflation target. Our general framework includes a number of different model features...

Public lands in Southern and Central Appalachia (SCA) available for outdoor recreational pursuits are limited relative to the rest of the country. This study identifies factors that encourage private landowners to permit public access to their land for recreational purposes and determines how...