This paper investigates how changes in trade linkages between China, Latin America, and the rest of the world have altered the transmission of international business cycles to Latin America. Evidence based on a GVAR model for five large Latin American economies shows that the long-term impact of...

Revenue volatility poses challenges for fiscal policy makers. It can create risks to service provision, require borrowing, or entail sudden tax changes. This paper investigates the use of value-at-risk techniques to measure the fiscal risks caused by volatility as well as the sensitivity of...

This paper presents a new graphical analysis of how a profit-maximizing firm will respond when required to control pollution. The focus is on graphical presentations which attempt to integrate the two pollution reduction responses open to the firm: output reduction and use of abatement...