This paper introduces the concept of a steepest ascent tariff reform for a small open economy. By construction, it is locally optimal in that it yields the highest gain in utility of any feasible tariff reform vector of the same length. Accordingly, it provides a convenient benchmark for the...

Volume 1A: The global demography of aging : facts, explanations, future / D.E. Bloom, D.L. Luca -- Macroeconomics, aging, and growth / R. Lee -- Migration and the demographic shift / A. Zaiceva, K.F. Zimmerman -- Global demographic trends : consumption, saving, and international capital flows /...

This paper explores the role of multilateral transfers in achieving strict Pareto improvements in welfare, focusing on identifying conditions under which their use is warranted when carbon prices differ internationally and there are impediments to international trade. Using a general equilibrium...