This article aims at studying the potential benefit from implementing a monetary union. To this end, we develop a two countires intertemporal general equilibrium model that extends the Obstfeld and Rogoff [1995] specification by introducing nominal rigidities through price adjustment costs and a...

This paper shows a new way to approach the analysis of international environmental problems and provides a heuristic 'comparative instrument analysis' using this approach. The conclusion is that economic instruments provide certain desirable properties, especially the achievement of cost...

This paper addresses the question about strategic incentives in international environmental agreements and tries to give a positive description of how the design of the agreement influences the strategic behaviour of potential participants before they enter the treaty. A common feature of the...

The turbolent 1990s have been a successful decade for Italy. Through an impressive sequence of reforms, this country has been able to put in order its battered public finances, to start an incisive modernization of its backward bureaucratic apparatus, its rigid labour market and its unbalanced...

This study identifies common features of currency crises in 15 emerging countries over the period 1980-1998. By analyzinf such features, we build an early-warning system aimed at predicting looming crises in probabilistic terms.

Generational accounting is a relatively new method of long-term fiscal planning and analysis. This paper presents a selection of the latest generational accounting results for 22 countries.

The purpose of this article is to explain the decrease in the fixed exchange rate regimes we have experienced the last decades. Our econometric approach is duration analysis, and the explanatory variables used are taken from the literature on optimum currency areas. The sample consists of 51...

The dynamic multi-country model developed in this paper focuses on the interaction between education, international trade and economic growth. The model distinguishes between two froms of human capital, knowledge and efucation. Both are required in production. The objective is to examine how...

We show that even under socially constant returns to scale indeterminacy, i.e., a continuum of dynamic general equilibrium paths converging to a common steady state, can arise in a dynamic Heckscher-Ohlin model with production externality and endogenous time preference in which production is...