Due to the climate change, the frequency and magnitude of extreme weather events, such as flooding and droughts, are predicted to increase in many parts of the world. Extreme weather events may cause significant material and human losses. In our study, we wanted to investigate how these events...

Since the latter half of 1990s, a possibility has been suggested that many developing countries are going to face serious population aging problem while these economies are still underdeveloped and their preparations are insufficient. As the global interdependence of national economies has been...

Money illusion is "frequently invoked and frequently resisted" by economists. Resisted as it contradicts the maximizing paradigm of microeconomic theory and invoked since a tendency to think in nominal rather than real terms becomes evident in the behavior of agents. This paper rationalizes...

To evaluate protectionism, we propose a comparative advantages model based on monopolistic competition with an endogenous markup, which enables the identification of three policy effects: international competition, productive and allocative efficiency, besides a non-cost competition term....

The role of research and development (R&D) as an engine for technological progress is well documented. For small and open economies spillover effects of foreign R&D appear to be the dominant source of productivity growth (Coe and Helpman; 1995 and Keller; 2004). There is, however, evidence that...

In this paper we study the potential effects on the Italian economy of various reform packages in the spirit of the Europe 2020 strategy. By using the version adapted for Italy of the endogenous growth model developed by the DG ECFIN for economic policy evaluation (QUEST III with R&D), through...

The paper details construction of a regional social accounting matrix (RSAM) for Russia. The RSAM is constructed for the SUST-RUS regional computable general equilibrium model. The SUST-RUS model is aimed on assessment of sustainable development policies in Russia. In the process of the RSAM...

The present paper describes the construction and first empirical application of the SUSTRUS model (the name of the model refers to “Sustainable Russia”). This model will be the main result of the same-named EU funded project. The SUSTRUS model belongs to the group of regional CGE models,...

High current levels of deficit-to-GDP and debt-to-GDP ratios combined with medium- and long-term spending pressures on public finances urge the need for fiscal consolidations in most of the world. The literature on the short-term output effects of fiscal consolidations has been far from...

The objectives of this research are to develop a multi-region multi-sector CGE model with FDI that will allow assessing the impact of security measures on the Canadian and U.S. economies. We assess the impact in terms of Canada-U.S. bilateral trade and foreign direct investment, but also in...