Governments in extraction countries are anxious to estimate expected investment in development projects, since they represent an essential element of the macro economy. The overall level of activity is also crucial to oil companies, since the macro picture affects cost levels, the supplies...

Previous research has suggested that discrete and occasional plant-level capital adjustments have significant aggregate implications. In particular, it has been argued that changes in plants? willingness to invest in response to aggregate shocks can at times generate large movements in total...

The authors provide evidence that households run down their assets after retirement by tracking a group of elderly households over the 1996–2004 period. They find that assets decline for these households approaching the end of the life cycle. Had there not been a run-up in asset prices due in...

This paper provides a general equilibrium multi-stage production model to explain the co-existence and co-movement of output- and input-inventories. The model offers a neoclassical perspective on the propagation mechanism of demand uncertainty. It reveals that uncertainty in demand at downstream...

We Present a Model of a Mineral Producing Sector Where Irreversible Investment in Capacity and the Presence of Orebodies Which Differ in Quality and Volume Help Explain Some Important Stylized Facts. in Particular We Find That, While Deposits Are Exhausted in Declining Order of Grade, More Than...

Remarks hosted by the Institute of Regulation & Risk North Asia, Hong Kong