Climate change has emerged as one of the most important issues of the twenty-first century. Recent opinion polls show rising public awareness of climate change. Yet considerable cross-national variation exists in the intensity of public concern and in public willingness to pay for addressing...

Utility computing services constitute business opportunities in the customer-to-customer (C2C) marketplace. Providers deal with the risks and uncertainties faced by users while transacting with unfamiliar counterparts. Ensuring trustworthy transactions among unfamiliar users is an important...

This paper shows that counter-cyclical and counter-inflation monetary policy rules are crucial for monetary business cycle models to match the observed negative (or weak) correlation of the growth rate of money and output, inflation, and the interest rate at business cycle frequencies, which...

This paper shows that counter-cyclical and counter-inflation monetary policy rules are crucial for monetary business cycle models to match the observed negative (or weak) correlation of the growth rate of money and output, inflation, and the interest rate at business cycle frequencies, which...

During currency crises, some currencies depreciate more than the post-crisis exchange rate level, which can be described as exchange rate overshooting. Previous studies have claimed that a tight monetary policy, represented by an increase in the interest rate, stabilizes an exchange rate by...

The macroeconomic effects of capital account liberalization in Korea are examined. Simple data analysis suggests that capital account liberalization substantially changed the nature and composition of capital flows. Based on the VAR model, the authors find the following stylized facts. First,...

Using a simple theoretical model, I suggest that the nominal revaluation of cross-border assets (the international wealth redistribution through the changes in nominal variables) may work as an international risk-sharing mechanism at the aggregate level. Then, I empirically examine three...

This paper develops a method to estimate jointly the degree of intertemporal consumption smoothing and the degree of "inter-regional" risk sharing. The empirical results for the U.S. states and OECD and EU countries suggest that: (i) regardless of the assumption on the degree of intertemporal...

This paper analyzes the allocation, redistribution and stabilization role of the EU budget from 1976 to 2001. We use impulse responses from VAR models to infer the dynamic effect of a country's GNP on its disposable income--defined as GNP plus net EU budget transfers--both in the short run...