Using a general-equilibrium framework, this paper examines the price dynamics of a monetary shock for a small open economy with commodity spot and futures markets. The agricultural spot price can fall by exhibiting a mis-adjustment at the instant of the announcement of the increase in the money...

Using a dynamic monetary model, this paper analyzes the short- and long-run impacts of a tariff-tax reform on the economy, with attention being paid to short-run fluctuations in exchange rates. When a policy reform is announced and if the public believe that it will decrease excess demand, the...

Biomass energy has been regarded as an effective instrument in combatting a high oil price. However, the increased production of biomass energy has raised the demand for agricultural products and led to a global grain deficiency and rising grain prices. This paper discusses the influence of...

While the burning of fossil fuels produces large amount of CO2 and damages the environment, the production and consumption of green power emit less CO2 and benefit the environment, such as refining agricultural wastes as bioenergy. However, the share of green power to total energy tends to be...

Using a monetary framework with stock markets, this paper investigates dynamic behaviors of a small open economy with various adjustments in the manufacturing prices. For an instantaneous adjustment of the manufacturing prices, stock values and exchange rates may appear to misjump or misadjust...