The benefits of climate policy normally consist exclusively of the reduced impacts of climate change, i.e., the policy's primary aim. Our analysis of benefits of climate policy suggests, however, that researchers and policymakers should also take account of ancillary benefits, e.g., in the shape...

This paper examines a simple North-South growth model where negative externalities may contribute to reinforce economic growth. Agents' welfare depends on three goods in the model: leisure, a common access renewable natural resource (one in each hemisphere) and a non-storable consumption good....

Findings from the literature suggest that previous estimates of the variety gains from trade are too small because of the imprecise measurement of the imported variety set under the Armington assumption. In this contribution, I use results from the literature on multi-product firms to obtain...

This paper analyses the welfare effects of microfinance and inflation in developing countries. Therefore, we introduce a moral hazard problem into a monetary search model with money and credit. We show how access to basic financial services affects households' decisions to borrow, to save and to...

For the Philippines, quantitative policy analysis should incorporate regional differences in welfare and economic structure, which arise partly from geographic constraints. However, existing CGE models offer limited analysis of regional effects or national impacts of region-specific...

This paper develops a general equilibrium model to measure welfare effects of taxes for correcting environmental externalities caused by domestic trade, focusing on exter- nalities that arise through exports. Externalities from exports come from a number of sources. Domestically owned ships,...

The incidence and efficiency losses of taxes have usually been analysed in isolation from public expenditures. This negligence of the expenditure side may imply a serious misperception of the effects of marginal tax rates. The reason is that part of the marginal tax may in fact be payment for...

This paper examines the social economic value of the Greenland off-shore shrimp fishery. The contribution of the fishery to the economy is examined using a cost-benefit analysis where the objective of the report is to examine the current state of the fishery rather than possible changes, which...

This paper investigates optimal indexation in the New Keynesian model, when the indexation choice includes the possibility of partial indexation and of varying weights on rational and lagged indexation. It Önds that the Calvo contract adjusted for rationally expected indexation under both...

Calvo contracts, which are the basis of the current generation of New Keynesian models, widely include indexation to general ináation. We argue that the indexing formula should be expected ináation rather than lagged ináation. This is likely to optimise the welfare of the representative agent...