This study assesses the impact of increased fertilizer prices under different scenarios on rice production, consumption, trade and prices. Using a global rice model based on a partial equilibrium framework, the simulation results show that a 30% to 100% increase in fertilizer prices would reduce...

We analyze a multi-period model of capital gains taxation with endogenous prices. Relative to an economy without taxation, a capital gains tax tends to lower prices and increase returns. Abstracting from tax redistribution policies, we find that a taxable investor's welfare falls, a nontaxable...

Wild pigs are spreading across the United States leaving potentially devastating crop losses in their wake. The majority of US corn, soybean, and wheat (approximately 85, 79, and 73%, respectively) and 6% of rice production are at risk in counties that do not currently have wild pigs. This work...

In face of increased efforts to mitigate climate change, biofuels may be included in reduction plans forgreenhouse gas emissions. Feedstock for first generation biofuels and food crops both use arable land andmay compete for it. Also, fuel is an input for the production and transport of food....

Widespread implementation of energy efficiency is a key greenhouse gas emissions mitigation measure, but rebound can “take back” energy savings. However, conceptual foundations lag behind empirical estimates of the size of rebound. We posit that development of solid analytical frameworks for...

In the standard model of human capital with perfect labor markets general training. When labor market frictions compress the structure of wages in the general skills of their employees. The reason is that the distortion in the wage structure" turn technologically' general skills into specific'...

Recently, a number of reforms in the treatment of corporate profits have been proposed in the US, including (1) reducing or eliminating interest rate deductibility, (2) allowing full or partial dividend deductibility (full or partial imputation), and (3) permitting tax payers to credit corporate...

This paper studies the response of agricultural production to rural labor loss during the process of urbanization. Using household microdata from India and exogenous variation in migration induced by urban income shocks interacted with distance to cities, we document sharp declines in crop...

Several Least-Developed Countries (LDCs) will graduate from the LDC status in the coming decade implying that they will lose preferential access to export markets. We quantify the expected impact of LDC graduation on exports of graduating and non-graduating LDCs incorporating detailed preference...

We evaluate the economic and environmental consequences of taxes on imported goods based on their carbon content. The analysis uses the simplest possible partial equilibrium framework, with one small open economy and a global pollution externality. It relies on graphs of supply and demand,...

This paper rehabilitates the concept of effective rate of protection for use in political economy. The usual definition corresponds to no economically interesting magnitude in general equilibrium. The effective rate of protection for a sector is redefined here as the uniform tariff which is...

We develop a theory of "Partial Equilibrium Thinking" (PET), whereby agents fail to understand the general equilibrium consequences of their actions when inferring information from endogenous outcomes. PET generates a two-way feedback effect between outcomes and beliefs, which can lead to...

This paper develops a dynamic partial equilibrium model of the foreign exchange market extending the standard textbook model in two respects. First, capital account transactions are explicitly incorporated into the model, and secondly, 'rational' speculative behaviour is also introduced. At a...

This paper considers Merton's (1973) model for partial equilibrium bond option pricing when stochastic bond price processes are involved. A log-normal process with a stochastic drift is suggested that allows the price of a pure discount bond to converge to its face value upon maturity. The...

In this essay, I discuss and compare two ways of modeling international capital market equilibrium: the orthodox, general-equilibrium approach and the heterodox, partial-equilibrium CAPM (Capital Asset Pricing Model) approach. The benchmark for this comparison is the model's ability to provide...

This paper develops a partial equilibrium model to account for stylized facts about the behavior of oligarchs, politically and economically strong conglomerates in transition and developing countries. The model predicts that oligarchs are more likely than other owners to invest in productivity...

This study experimentally evaluates the performance of partial equilibrium mechanisms when different sectors run their mechanisms separately, despite the existence of complementarity between them.In our simple laboratory experiment setting that includes two sectors, each sector runs the...

This study experimentally evaluates the performance of partial equilibrium mechanisms when different sectors run their mechanisms separately, despite the existence of complementarity between them. In our simple laboratory experiment setting that includes two sectors, each sector runs the...

Job loss comes with large present value earnings losses which elude workhorse models of unemployment and labor market policy. I propose a parsimonious model of a frictional labor market in which jobs differ in terms of unemployment risk and workers search off- and on-the-job. This gives rise to...

The paper analyses the current ecological consequences of agricultural growth in Russia's main regions (oblast level) during 2011-2019. Our main hypothesis was that local environmental risks, like waste concentration, would be closely related to global climate risks such as greenhouse gas (GHG)...

We develop a partial equilibrium model to assess how backward-looking provisioning, loan loss provisioning and expected credit losses determine the temporal pattern of recognition of credit losses and the optimal credit spreads for banks. We apply our model to a dataset covering the Spanish...

This paper provides quantitative estimates of the impact of removing agricultural support (both tariffs and subsidies) in partial- and general-equilibrium frameworks. The results show that agricultural support in industrial countries is highly distortionary and tariffs have a larger...

We present a model of endogenous firm growth with R&D investment and innovation as the engine of growth. The objective of our analysis is to present a framework that can be used for microeconometric analysis of firm performance in high-tech industries. The model for firm growth is a partial...

In this paper we have consider the nexus between movement of stock prices and macroeconomic variables in Indian economy and establish stock market efficiency in India. For the investigation of Causality between the stock market prices and the selected macroeconomic variables we have used...