Canadian oil sands hold the third largest recognized oil deposit in the world. While the rapidly expanding oil sands industry in western Canada has driven economic growth, the extraction of the oil comes at a significant environmental cost. It is believed that the government policies have failed...

This paper advocates a regime-switching model to capture the risk of structural changes in the economy, when determining the optimal bid-ask spread in limit order books. In our model, the market-maker faces an inventory risk due to the diffusive nature of the stocks¡¯ mid-price and a...

We examine the efficiency and distributional impacts of greenhouse gas policies directed toward the electricity sector in a model that links a “top-down” general equilibrium representation of the U.S. economy with a “bottom-up” electricity-sector dispatch and capacity expansion model....

Since Leon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the economic system which however remains to this day unobservable. Yet that belief is the corner stone of other theories such as the 'Effi-cient Market Hypothesis' as well as the...

Many policies to limit greenhouse gas emissions have at their core efforts to put a price on carbon emissions. Carbon pricing impacts households both by raising the cost of carbon intensive products and by changing factor prices. A complete analysis requires taking both effects into account. The...

Since Lėon Walras neoclassical economists hold an inalterable belief in a unique and stable equilibrium for the economic system which however remains to this day unobservable. Yet that belief is the corner stone of other theories such as the "Efficient Market Hypothesis" as well as the...

Remittance inflows from overseas Filipino workers have become the second-largest source of foreign exchange for the Philippine economy. In view of this, we assess the vulnerability of Philippine households to an exogenous shock in the form of a five-percent decline in remittances. We utilize a...

Computable general equilibrium (CGE) modeling has provided a number of important insights about the interplay between environmental tax policy and the pre-existing tax system. In this paper, we emphasize that a labor market policy of recycling tax revenues from an environmental tax to lower...

The present research describes a climate change integrated impact assessment exercise, whose economic evaluation is based on a CGE approach and modeling effort. Estimates indicate that a temperature increase of 1.92°C compared to pre-industrial levels in 2050 (consistent with the A1B IPCC SRES...

This paper links the ENVISAGE computable general equilibrium model with a microsimulation to assess the economic effects of implementing the Regional Comprehensive Economic Partnership (RCEP). Reductions of tariffs and non-tariff measures, implementation of a rule of origin, together with...