We analyse implications of financial sector dynamics for fiscal expenditure multipliers in recessionary conditions. We employ a stock-and-flow-consistent model for South Africa with four financial instruments and detailed balance sheets for the household, government, financial, non-financial,...

We develop a stock-and-flow-consistent model for South Africa with four financial instruments and detailed balance sheets for the household, government, financial, non-financial, and foreign sectors and the Reserve Bank. Though micro-founded, the model departs significantly from current dynamic...

Empirical findings indicate that a large share of households misperceives electricity prices and is not able to make deliberate choices in energy service consumption, which leads to biased consumption decisions and thus to inefficient energy use. To investigate the impact of misperceived...

The book comprised of six parts and a total of twelve chapters. Part I, “Introduction to Dynamic Stochastic and General Equilibrium (DSGE) Modelling,” set the underlying foundation of the basics of three key agents in DSGE formulation, namely, the Households, Firms and Government, while also...

The environmental drag is the cost to society of environmental constraints. This paper estimates the long-run environmental drag on the Norwegian economy. We employ a model called DREAM (dynamic resource / environmental applied model). This is an applied general equilibrium model extended to...

This paper analyses the non-environmental welfare costs of an environmental tax reform using a numerical intertemporal general equilibrium model for the Norwegian economy. The tax reform is revenue neutral such that an increase in the carbon tax rate is accompanied by a reduction in the payroll...

The working of the labour market is important for the total welfare effects of tax reforms. This paper analyses, by using a computable general equilibrium model for the Norwegian economy, how different assumptions about labour mobility between industries and wage formation influence the...

A disaggregated intertemporal CGE model is used to simulate the welfare effects in Norway of the recently implemented trade reforms including the WTO agreement, the EEA treaty, the EFTA fishery agreement and an anticipated EEA resolution on shipbuilding. These reforms affect the Norwegian...

Recently, it has been demonstrated that pre-existing distortionary taxes can substantially increase the costs of market-based instruments which do not raise revenue, such as non-auctioned emissions quotas. Revenue-raising market-based policy tools, such as carbon taxes, encounter other problems:...

This paper assesses effects of the last decade's multinational liberalisation of foreign trade, in terms of economic gains and in terms of pollution. By means of a disaggregated intertemporal CGE model for Norway two scenarios with and without the trade reforms are compared. Despite a slight...