Most CGE trade models fix current account balances exogenously, in accordance with the widely accepted view that trade policy may influence trade flows, but that current accounts are constrained by symmetric capital account balances, on which trade policy has little effect. The MIRAGE-D model...

English Abstract: In balancing international financial data (Lane and Milesi-Ferretti, 2006), contrary to most matrix adjustment problems, the only constraints are that, for any given category of assets and liabilities, the sum of assets over countries must equal the sum of liabilities....

In the vast majority of recursive dynamic CGE models, the savings rate is constant and exogenous. Intertemporal CGE models, by contrast, are solved simultaneously for all periods, and agents optimize intertemporally. But the theoretical consistency of intertemporal optimization is achieved only...

In the vast majority of recursive dynamic CGE models, the savings rate is constant and exogenous. Intertemporal CGE models, by contrast, are solved simultaneously for all periods, and agents optimize intertemporally. But the theoretical consistency of intertemporal optimization is achieved only...

This note briefly presents the GAMS matrix adjustment program GPCEMA.gms (GPCEMA stands for General Purpose Cross-Entropy Matrix Adjustment). The matrix adjustment problem tackled in GPCEMA.gms is to adjust an existing matrix (called the prior matrix) so that the adjusted matrix (the posterior...

In this paper, we present a minimalist version of a model of bond financing and debt, to be imbedded in a stepwise dynamic CGE model. The proposed specification takes into account the following characteristics of bond financing:- bonds are issued at a given date;- they have a given face value;-...

In this paper, we present a minimalist version of a model of bond financing and debt, imbedded in a stepwise dynamic CGE model. The proposed specification takes into account the main characteristics of bond financing. Bonds compete on the securities market with shares, so that the yield demanded...

This paper deals with closure issues that arise in the context of global multinational models, typically, trade models. We also explore a few related issues: model homogeneity, the role of exchange rates, calibration consistency, and testing for calibration consistency and model homogeneity. To...

This paper looks at the impact of the commuter rail transit (CRT) system that serves the Montreal North Shore area, Quebec, Canada, on the market value of single-family houses located nearby four stations along the Montreal/Saint-JÈrÙme route. The research rests upon a combination of...

This study aims at testing whether, and to what extent, the overall quality in the supply of an urban bus service translates into higher house values for properties located along the lines. Located 150 miles east of Montreal, Quebec City, with a population of roughly 560 000 (750 000 for the...