The Flexible System of Global Models (FSGM) is a group of models developed by the Economic Modeling Division of the IMF for policy analysis. A typical module of FSGM is a multi-region, forward-looking semi-structural global model consisting of 24 regions. Using the three core modules focused on...

This study determines the extent to which it is possible to develop monetary estimates of the marginal social cost of fuels, using natural gas to test a methodology that could be applied to other fuels. This requires review of previous estimates of both market and nonmarket costs to the extent...

As increasingly large volumes of sophisticated options (called derivative securities) are traded in world financial markets, determining a fair price for these options has become an important and difficult computational problem. Many valuation codes use the binomial pricing model, in which the...