In this paper, I examine the international welfare effects of monetary policy. I develop a New Keynesian two-country model, where central banks in both countries follow the Taylor rule. I show that a decrease in the domestic interest rate, under producer currency pricing, is a beggar-thyself...

I consider a variation of Coasian bargaining as a policy instrument for internalizing intergenerational externalities. The variation involves appointing a contemporary party to represent the interests of the affected parties who are currently unable to represent themselves, either because they...

This paper identifies parameters responsible for welfare reversals when the basic New Keynesian model is approximated. In our setting, a reversal occurs when the Ramsey policy under timeless perspective commitment ceases to be dominant against the Taylor rule after approximating the model. We...

In this note we explore the welfare properties of access restrictions to health care based on cost effectiveness. We show that such instrument can improve the average effectiveness of health care, but it is optimal only under specific assumptions relating to the shape of the welfare function and...

This paper evaluates the welfare gains arising from a deeper trade integration in the European Monetary Union. To do this, the European Monetary Union is represented in a realistic way by an intertemporal general equilibrium model with incomplete financial markets, sticky prices and home bias...

The paper develops a theoretical foundation for using count data models in travel cost analysis. Two micro models are developed: a restricted choice model and a repeated discrete choice model. We show that both models lead to identical welfare measures.

This paper seeks to assess the distributional implications of the power sector reforms in the Philippines to residential consumers of electricity. First, we estimate the demand for electricity, taking into consideration the difficulties that arise from block pricing of electricity. Second, we...

This working paper computes the marginal cost of public funds associated with the reform of the Spanish Personal Income Tax, in force since 1999. Departing from a partial equilibrium framework, we simulate the reform using the working population of the Spanish wave of the European Community...

The paper investigates both quantity and price oligopoly games in markets with a variable number of managerial and entrepreneurial firms which defines market structure. Following Vickers (Economic Journal, 1985) which establishes an equivalence between the equilibrium under unilateral delegation...