Farmer and Wendner (2004) consider the sensitivity of policy effects, as implied by dynamic multi-sector computable general equilibrium models, with respect to the specification of capital and investment aggregation. They demonstrate that (small) differences in the specification of capital and...

The stabilization of budget deficit and budget debt ratios by fiscal retrenchment in order to fulfill the Maastricht criteria for the EMU is of central focus in most EU countries. At the same time the national policy dimension of acute environmental problems such as global warming has receded in...

Intra-EMU external imbalances in the pre-crisis period up to 2008 are traditionally explained by EMU-oriented factors, e.g. euro-related financial integration. Chen et al. (2013) also emphasize external trade shocks, such as the competitive challenge of emerging Asia and oil exporters to...

Harvest costs can reduce the incentive to overexploit a renewable resource stock, particularly when costs are stock dependent. This paper compares different types of harvest costs in a renewable resource based overlapping generations (OLG) model in which resource harvest competes with commodity...