This paper describes in detail the theoretical and empirical features of the G-Cubed multi-country, multi-sector intertemporal general equilibrium model. The G-Cubed model has been used for a number of alternative policy simulations including the implications of greenhouse gas policy, trade...

This paper summarizes the debate on the costs and benefits of regional and global action to reduce future emissions of greenhouse gases. The paper also presents new evidence on possible future global emissions of carbon dioxide from burning fossil fuels where these emissions are disaggregated by...

This paper explores the macroeconomic consequences of changes in fiscal policy in the United States and Japan, for countries in the Asia-Pacific region. The basis of the study is the McKibbin-Sachs Global model that now includes models for Korea, Australia and Japan. It is shown that the...

This paper explores the empirical link between environmental policy and international trade. Using an estimated global simulation model, the paper focusses on the extent to which international trade flows are redirected as a result of unilateral versus multilateral taxes on the emission of...

There is a large and growing literature on the benefits and costs of moving to a single currency in Europe. Much of the literature is theoretical in nature with very little empirical evaluation of the magnitudes of effects. This paper places some quantitative magnitudes on the scale of some...

This paper explores prospects for the world economy to the year 2020 through a series of scenarios based on different assumptions about future changes in the structure of individual economies. It differs from most other medium term studies because we do not assume that each economy's variables...

In this paper we consider a number of alternative policies aimed at reducing the U.S. fiscal deficit over the course of the 1990s. We offer a quantitative evaluation of these policies that incorporates a number of usually overlooked aspects. One is the role of forward looking asset markets in...