This paper studies the impact of access to education in a search and matching model of the labor market representing a developping economy. It then addresses the issue of the impact on the market efficiency of public policies aiming at increasing education. Developing economies are well known...

Governments’ behavior is expected to be non-neutral in terms of impacts on both welfare and inequality. In spite of their multivariate form, a tentative assessment of such inequality impacts can be provided by using a general equilibrium heterogeneous-agents model where distribution is...

Within this paper, we discuss problems and solutions of integrating intertemporal trade into an economy-energy-environment model. Modeling intertemporal trade provides additional flexibility in achieving economic development as well as environmental sustainability targets, that likely...

In a Bayesian setting, investments can be risky either because they are opaque, i.e., their payoff-relevant signals are noisy, or because they are fundamentally risky, i.e., the variance of the prior is high. When interest rates are low (high), investors favor opaque (transparent) projects that...

This paper presents a dynamic multiregional CGE model to address commodity quantities and prices in the full fledged general equilibrium framework. This is important for various reasons. One of the reasons is the possible competition between food and biofuels, as biofuel promotion policies have...

This paper presents an analysis of the findings of a survey on a sample of Portuguese firms. The main aim is to identify some relevant characteristics about the dynamics of prices and wages in PortugalSurvey data; Probit modelsThe most important conclusions are: i) changes to wages are more...

Options should play an important role in asset allocation. They allow for kernel spanning and provide access to additional (priced) risk factors such as stochastic volatility and negative jumps. Unfortunately, traditional methods of asset allocation (e.g. mean-variance optimization) are not...

In the sequence of the recent financial and economic crisis, the level of government indebtedness has increased considerably in many European and Monetary Union (EMU) countries. Besides i) undermine the sustainability of public finances and ii) amplify steady-state distortions relative to the...

The objective of the current paper is to estimate the aggregate, country-level production function as a relationship between countries' aggregate inputs and their maximum attainable output, computed on the basis of the World Technology Frontier -- the best-practice frontier at each moment in...

This paper examines the macroeconomic consequences of the diversion of migration flows away from Germany towards the UK in the course of the EU’s Eastern Enlargement. Based on a forecast of the migration potential under the conditions of free movement and of the transitional arrangements, we...