Utilizando el modelo dinámico de equilibrio general multisectorial medioambiental de tres regiones EMuSe, encontramos que una tarificación del carbono limitada a Alemania o España solo conduce a un efecto negativo permanente sobre la producción en estas economías. La reducción de emisiones...

In this paper we examine non-parametric restrictions on counterfactual analysis in a dynamic stochastic general equilibrium model. Under the assumption of time-separable expected utility and complete markets all equilibria in this model are stationary. The Arrow-Debreu prices uniquely reveal the...

This paper studies money based and exchange rate based disinflation in an open economy model with explicit microfoundations. For benchmark parameter values, it is found that a money slowdown leads to a recession in the short run whereas exchange rate based disinflation leads to very rapid...