This paper introduces the ARZ model – a fully operational spatial computable general equilibrium model for Lebanon – and its use for the analysis of place-based policies in Lebanon, in an attempt to bring additional insights to some of the proposals presented in the National Physical Master...

Redistributive policies carried out by the central government in Brazil through interregional government transfers is a relevant feature of the Brazilian federal fiscal system. Regional shares of the central government revenues in the poorer regions have been recurrently smaller than the shares...

Carry trade activities and foreign participation in local currency bonds in emerging countries have increased dramatically during the last decade. In line with this observation, we revisit the question of optimal exchange rate regime when developing countries can borrow internationally with...

We write model that considers both households’ and firms’ credit frictions. Firms’ credit is modeled by the traditional financial accelerator à la Bernanke et al (1999). Households that borrow funds face interest rates that increase with their debt, as in Curdia and Woodford (2010). We...