This large scale econometric study finds private borrowing and spending decline as government deficits grow, due to “crowd out” effect resulting from financing the deficits from the limited pool of available loanable funds, and crowd out completely offsets stimulus effects. This result is...

We develop the rectangular choice-of-technology model with factor constraints, or RCOT, a linear programming input-output model for analysis of the economy of a single region. It allows for one or more sectors to operate more than one technology simultaneously, with the relatively lowest-cost...

Heim (2010) found a strong negative relationship between deficits and private consumer and investment spending, controlling for other key variables. The study did not directly test the mechanism by which deficits were related to consumer and investment spending, only the result. Crowd out theory...

The crowd out effects of the government deficit is tested by adding it to consumption and investment models which control extensively for other factors. Effects are calculated for recession and non-recession periods, and compared to models with average crowd out, and models without crowd out....

The crowd out effects of government deficits are tested by adding deficit variables to consumption and investment models which extensively control for other factors. Separate variables are added for deficits resulting from tax cuts and spending increases. Effects are calculated for recession and...

This paper incorporates EGARCH modeling in a financial event study relating firm value to negative environmental news. News media provide informal information channels unlike formal government disclosure programs. This paper improves on previous studies by using a larger sample than most...

In spite of the increasing scientific certainty that the earth's climate is warming and that human activity is partially responsible, public willingness to take steps to reduce greenhouse gas emissions seems to be decreasing. How can the scientific consensus as to the urgency of the climate...

This chapter focuses on metals as they provide the clearest example of the challenges and opportunities that mineral resources present to society, in terms of both primary production and recycling. Basic concepts, information requirements and sources of consumer and industrial resource demand...

We develop the absorbing Markov chain (AMC) for describing in detail the network of paths through an industrial system taken by an embodied resource from extraction through intermediate products and finally consumer products.  We refer to this as a resource-specific network. This work builds on...

This chapter presents the economic logic behind the concept of discounting the future and discusses how it applies to biodiversity conservation. How should economists account for the effects of biodiversity and ecosystem losses in the immediate and distant future? We discuss how to integrate...