This paper models the global financial crisis as a combination of shocks to global housing markets and sharp increases in risk premia of firms, households and international investors in an intertemporal (or DSGE) global model. The model has six sectors of production and trade in 15 major...

This paper models the global financial crisis as a combination of shocks to global housing markets and sharp increases in risk premia of firms, households and international investors in an intertemporal (or DSGE) global model. The model has six sectors of production and trade in 15 major...

The buildup in government debt in response to the “great recession,” has raised a number of policy dilemmas for individual countries as well as the world as a whole. The recent need for a change of fiscal policy stance has fuelled debates about the impact of fiscal consolidation on domestic...

Australia faces a very serious trade problem. A large improvement in the balance of trade is required simply to stop its international debt from rising above levels which are already considered too high. In this paper, a range of economic policies are examined. Each generates a $A1 billion...

The effects of mining sector growth are analysed with a five-sector general equilibrium model. The effect of the mineral discoveries is to cause the agricultural sector to contract, but to cause the import-competing sector to expand by a small amount--a result which differs from Gregory's (1976)...