We consider the efficiency implications of policies to reduce global carbon emissions in a world with pre-existing tax … environmental taxes are returned in a lump sum fashion, need not hold in a world with multiple distortions. We then present a large …-scale computable general equilibrium model of the world economy with distortionary taxation. We use this model to evaluate a number of …

shock to the sector - a measure of the systemic risk of each sector. Tail centrality is theoretically and empirically very … downstream closeness to final production. The paper then uses the results to analyze the determinants of total tail risk in the … economy to small shocks while increasing the sensitivity to large shocks. Tail risk is strongest in economies that display …

increases, and other country's production decreases compared with the case of no BTAs. With the contraction of world trade flows … caused by the financial crisis, carbon motivated BTAs offer a prospect of a compounding effect in a world which is going …This paper discusses the size of impact of carbon motivated border tax adjustments on world trade. We report numerical …

This paper measures the effects of the risk of war on nine U.S. financial variables using a heteroskedasticity …-based estimation technique. The results indicate that increases in the risk of war cause declines in Treasury yields and equity prices …, a widening of lower-grade corporate spreads, a fall in the dollar, and a rise in oil prices. This war risk factor …