The author analyzes the optimal investment in environmental protection in a model of an infinite series of non-overlapping hyperbolically discounting agents. He shows that without a commitment mechanism society is eventually stuck in a situation where all agents prefer further investment in the...

In this paper, we extend the well known result that hyperbolically discounting agents tend to postpone costs into the future. In a simple model we show that, without commitment to the ex ante optimal plan, no investment in environmental protection is undertaken over the whole time horizon, no...

The purpose of this paper is to build consistent, integrated datasets to investigate whether various disaggregated data can shed light on the possible sources of the statistical discrepancy. Our strategy is first to use disaggregated data to estimate consistent sets of input-output models that...

Several economic data series of Liechtenstein are backwardly estimated in order to achieve consistent historic time series. The generated series consist for instance of the national income for the years 1954 to 1992 (by regressive inter- and retropolation with indicators) and 1993 to 1997 (by...

The recent changes in the national accounts unequivocally imply that the nature of the measured growth rate and business cycle has changed. This note investigates to what extent.

We investigate a switch from fixed-weighted national accounts data to chain-type data in the quarterly macroeconometric model Mona. As in other countries the idea behind this change in the national accounts data has been to reduce the substitution bias, which has grown with the amount of...

In recent years, the private sector has been recognized as a key engine of Africa's economic development. Yet, the most simple and fundamental question remains unanswered: how large is the African private sector? We present novel estimates of the size of the private sector in 50 African...

According to KENDRICK (1996, p. 1), National Accounts have become an indispensable tool for macroeconomic analysis, projections, and policy formulation. The paper elaborates on this statement, addressing policy domains that rely heavily on National Accounts data. Yet - useful as they are -...