The global economy must face crucial challenge on how to cope with soaring oil prices, which have been on a precipitous increase in the last years. The high rise has alarmed countries around the world, especially the net oil importers, since continuing oil price hikes tend to lower economic...

The equalization effects of transfer systems has been the subject of analyses to evaluate the effectiveness of redistribution policies and of the adequacy of revenue sharing mechanisms in providing sub national governments with adequate resources to undertake their public responsibilities....

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One of the most severe problems of the modern world is the climate change and its important negative consequences to the environment. Human activity, particularly the consumption of energy, has been considered being one of the main factors contributing to the changing of climate in the last...

We assess recent Chinese climate policy proposals in a multi-region, multi-sector computable general equilibrium model with a Chinese carbon emissions trading scheme (ETS). We conduct a quantitative assessment of the Chinese emissions trading scheme (ETS) with the help of PACE (Policy Analysis...

While the Asian Paradox literature evidences a grease-the-wheel effect of corruption on individual firm productivity growth, the results call into question the aggregate effect of individual bribery. A large literature analyzes the drivers of productivity growth at the firm and sector levels,...

This paper's objective is to provide an improved model of inflation for use in dynamic macroeconomic models. Fisher's equation of exchange is recognized as a causal relationship that shows how the price level responds to changes in aggregate production, the money supply, and the velocity of...

To teach international macroeconomics using simulations of a multi-country model. Note : This is a new presentation from the one in Prague which met technical problems. The Macsim 2 package allows to simulate shocks on a set of countries linked by trade flows, using various assumptions on the...

This paper links granular data of financial institutions to global macroeconomic variables using an infinite-dimensional vector autoregressive (IVAR) model framework. This framework is used to assess the impact of foreign macroeconomic shocks on default risks of euro area financial firms. In...

To model the economics impacts of population ageing in high-income countrie by estimating the scale of required technological change. Presentation of a over-lapping generations computable general equilibrium model. Population ageing is associated with low growth and large welfare losses. The...