We study auction design when parties cannot commit themselves to the mechanism. The seller may change the rules of the game and the buyers choose their outside option at all stages. We assume that the seller has a leading role in equilibrium selection at any stage of the game. Stationary...

This paper examines the effect of competition on the irreversible investment decisions under uncertainty as a generalization of the "real option" approach. We examine this issue with reference to an industry where each firm has only one investment opportunity which is completely irreversible and...

This document provides a description of the STAGE_W computable general equilibrium (CGE) model, which is a development of the STAGE model and allows for the depiction of diverse water resources and qualities as well as the simulation of detailed water policy scenarios. The main extensions of...

This paper documents a new stylized fact of the greater macroeconomic stability of the U.S. economy over the last two decades. Using 131 monthly time series, three popular statistical methods and the forecasts of the Federal Reserve’s Greenbook and the Survey of Professional Forecasters, we...

This paper reviews three different concepts of equilibrium exchange rates that are widely used in policy analysis and constitute the backbone of the IMF CGER assessment: the Macroeconomic Balance, the External Sustainability and the reduced form approaches. We raise a number of econometric...

The aim of this paper is to study the main macroeconomic, financial and structural factors that shaped current account developments in Greece over the period from 1960 to 2007 and discuss these developments in relation to the issue of external sustainability. Concerns over Greece’s external...

Verschiedene gesellschaftliche und politische Akteure haben unterschiedliche Ansprüche an den Wald. Aus den Ansprüchen der einzelnen Interessengruppen leiten sich verschiedene Handlungsoptionen für die Waldbewirtschaftung ab, welche unterschiedlich auf die kurz-, mittel- undlangfristige...