This paper introduces a simulation procedure in the context of a demand system for vice -- marijuana, tobacco and alcohol -- to formally account for the inherent uncertainty in marijuanarelated data and parameters. This entails using existing econometric estimates pertaining to the consumption...

This paper analyses consumption patterns of vice -- marijuana, tobacco and alcohol. To deal with imperfect marijuana data, we exploit the interdependencies in the consumption of the three drugs identified in prior research, and introduce a Monte Carlo simulation procedure to formally account for...

This article analyses differences in the wealth of nations by comparing PPP-based cross-country incomes from the Penn World Table with those derived from prevailing exchange rates. Using the Balassa (1964)-Samuelson (1964) productivity-bias framework, we introduce the 'international poverty...

The paper provides an account of aspects of exchange-rate economics that are of particular relevance to the resources sector. The issues discussed include exchange-rate volatility and the risk management practices used to deal with it, the role of productivity differences across countries, and...

(1) The paper uses the substitutability between goods to model the transmission to other products of a consumption shock to one product. The framework is used to analyse the impact on drinking of legalisation of marijuana. For all types of consumers for example, the results indicate that...

This paper analyses the world demand for fibers using the system-wide approach with three dimension—product X space X time. We investigate to what extent differences in international consumption patterns of fibers can be explained by differences in incomes and prices faced by different...

Government agencies produce indexes that purport to measure international competitiveness. The most common version is the real effective exchange rate, which is some form of weighted average of the real exchange rates of the country's trading partners. Such indexes convey a false sense of...