This paper derives a second-order approximation to the solution of a general class of discrete-time rational expectations models. The main theoretical contribution of the paper is to show that for any model belonging to the general class considered, the coefficients on the terms linear and...

This paper examines the consequences of the tariffication of a quota when there are several potential distortions present in a country, including domestic monopoly and wage rigidities. It is generally presumed that tariffs are superior to quotas because of their transparency and revenue-raising...

Much current debate focuses on the role of growth in alleviating poverty. However, the majority of computable general equilibrium (CGE) models used in poverty and inequality analysis are static in nature. The inability of this kind of model to account for growth (accumulation) effects makes them...

The developments in economic theory in the 1950s served to pinpoint important underlying assumptions in the study of market institutions. The conflict between observed institutions - spot markets for commodities, financial markets - and the benchmark interpretation - forward markets for...