In Switzerland, the research community along with public authorities are increasingly aware of the challenges raised by the necessity to adapt to future climate change. Such awareness results from the conviction that some amount of climate change will inevitably happen, even in case of important...

The study aims to analyze US economy for the years 1990-2009 with emphasis on price adjustment dynamics and provide evidence on the business cycle mechanism. According to New Keynesian thinking major structural trait of the economy is non-clearing markets under imperfect competition with...

The National Bank of Hungary (NBH) launched a project in 2008 that aimed to assembly a large scale econometric model incorporating all the relevant macroeconomic variables and encompassing large variety of transmission channels of Hungarian economy. The ultimate objective of this project was to...

Te task was to build up a DSGE model that will suite to specificities of the Czech economy. The result is a small open economy structural model that serves for analytical purposes of the Ministry of Finance of the Czech Republic. Namely, for prediction purposes as a support in preparations of...

We study the effects of recent VAT reforms in Finland. Our counterfactual scenarios try to find, whether other reforms would enhance economic efficiency without compromising equity. We use a recursive dynamic applied GE model (VATTAGE, coded in GEMPACK) to study the macro, industrial and...

This paper empirically investigates the extent to which investments in human capital and information technology may have contributed to the growth dynamics of the European Union member states over the last decades. In order to measure the contribution of human capital and economic growth to...

In a recent paper, Geanakoplos and Fostel (2008) suggest that financial markets operate under three conditions: the normal economy, when the liquidity wedge is small and leverage is high; the anxious economy, when the liquidity wedge is big, leverage is curtailed and the general public is...

Trade liberalization in Kenya started in the early 1980’s with the structural adjustment programmes, and continued under the reciprocal trade liberalization under the WTO framework. There are several arguments that have been put forward in favour of trade liberalization such as economic...

Since Canada is a very open economy, globalisation and increased foreign competition may entail significant long-run labour market and distributional implications. Indeed, with increased foreign competition and China’s accession to the World Trade Organisation (WTO) in 2001, Canada is facing...

For the health of whole economy it is important for the labour market to follow progressive trend – either by increase of work productivity or employment. Work productivity is an instrument that should be managed by employers directly. However employment is an indicator very important in...