This paper proposes a simple framework to better understand an opposition group's choice between peace, terrorism, and open civil conflict against the government. Our model implies that terrorism emerges if constraints on the ruling executive group are intermediate and rents are sizeable, hereas...

This paper proposes a simple framework to better understand an opposition group's choice between peace, terrorism, and open civil conflict against the government. Our model implies that terrorism emerges if constraints on the ruling executive group are intermediate and rents are sizeable,...

This paper proposes a simple framework to better understand an opposition group’s choice between peace, terrorism, and open civil conflict against the government. Our model implies that terrorism emerges if constraints on the ruling executive group are intermediate and rents are sizeable,...

We derive the social optimum and optimal government debt in an intergenerational model of growth with fertility, elastic labor, human capital externalities and a non-convex feasible set. Debt through lump-sum taxation increases leisure and labor, reduces fertility, and can achieve the social...

This paper explores the role and impact of low-carbon certification in a duopolistic competitive market. We establish a model considering customers' green preferences and companies' low-carbon certification decisions under different states of the certification market. Results show that: (1)...

In the new age of circular economy system, trade-in scheme is a quite common initiative that manufacturers use to respond to environmental protection requirements. In this study, we focus on two types of trade-ins, i.e., ‘trade old for cash (T-C)’ and ‘trade old for new (T-N)’. To...

To what extent does a central bank digital currency (CBDC) compete with bank deposits? To answer this question, we develop and estimate a structural model where each household chooses which financial institution to deposit their digital money with. Households value the interest paid on digital...

This paper predicts households' demand for a central bank digital currency (CBDC) with different design attributes by applying a structural demand model to a unique Canadian survey dataset. CBDC and its close alternatives, cash and demand deposits, are viewed as product bundles of different...

This paper studies the impact of imperfect banking competition on aggregate fluctuations using a DSGE framework that features a Cournot banking sector. The paper highlights a new propagation mechanism of imperfect banking competition that operates via the dynamics of the expected marginal...