Since its inception in 1995, more than 312 disputes have been raised under the WTO Dispute Settlement System. Despite the obvious success of this system, several shortcomings call for a revision under the auspices of the Doha Development Round. With a computable general equilibrium model we...

Shortly before the national elections in the Netherlands, the Netherlands Bureau for Economic Policy Analysis (CPB) evaluates the economic effects of the policy proposals in election programs. This paper investigates the sensitivity of this analysis to the uncertainty of parameter estimates in...

Since its inception in 1995, more than 312 disputes have been raised under the WTO Dispute Settlement System. Despite the obvious success of this system, several shortcomings call for a revision under the auspices of the Doha Development Round. With a computable general equilibrium model we...

Dynamic stochastic general equilibrium (DSGE) models have become increasingly popular as a policy tool in central banks in the past few years. The advantage of this approach is that the macroeconomic model is derived from microeconomic principles by spelling out the preferences, technologies and...

Due to data limitations and the absence of testable, model-based predictions, theory and evidence on herd behavior are only loosely connected. This paper attempts to close this gap in the herding literature. From a theoretical perspective, we use numerical simulations of a herd model to derive...