This paper develops and simulates a dynamic general equilibrium macroeconomic model to analyze the likely impact of oil production and revenue rehabilitation on the Libyan economy, under different government fiscal policy responses. The model is ideally appropriate to analyze macroeconomic issues in oil-producing developing countries. In particular, it is capable of incorporating alternative go...

Prevalent thinking about liquidity traps suggests that the perfect substitutability of money and bonds at a zero short-term nominal interest rate renders open-market operations ineffective for achieving macroeconomic stabilization goals. We show that even were this the case, there remains a powerful argument for large-scale open market operations as a fiscal policy tool. As we also demonstrate,...

In this letter, we apply an extended environmental dynamic computable general equilibrium model to assess the economic consequences of implementing a total emission control policy. On the basis of emission levels in 2007, we simulate different emission reduction scenarios, ranging from 20 to 50% emission reduction, up to the year 2020. The results indicate that a modest total emission reduction...

ing the World As already mentioned, the WorldMarket of the agent-based model is actually a portal to an LCI database. This integration means that we can simulate a system in which we have a “lens” of complex dynamic behavior where agents interact with a static definition of the world. One Davis et al., Integration of LCA Into Agent-Based Modeling 321 R E S E A R C H A N D A N A LYS I S can furt...

This paper examines the role of external shocks in explaining macroeconomic fluctuations in African countries. We construct a quantitative, stochastic, dynamic, multi-sector equilibrium model of a small open economy calibrated to represent a "typical" African economy. In our framework, external shocks consist of trade shocks, modeled as fluctuations in the prices of exported primary commodities...

The aim of this paper is to analyse some macroeconomic channels operating in a war economy. At the theoretical level, the effects of such war on the key economic variables capital, technology, uncertainty, and the government’s fiscal deficit are discussed before proceeding to the analysis of individuals, firms and the government. These elements are combined in a dynamic macroeconomic model to s...

In any country, commercial banks lay the groundwork for economic growth by collecting national resources and capitals and allocating them to different economic sectors. Optimal allocation of resources is especially important in achieving this goal. Banks with an effective and dynamic system of customer assessment can efficiently allocate their resources to customers regardless of their geograph...

This paper presents an integrated approach to wage and employment determination combining microeconomic evidence with macroeconomic theory. More specifically, we first develop an efficiency wage model with labor turnover and show that the worker’s decision problem gives rise to a quit-rate function. We then use microeconomic data to estimate this quit-rate function and to test the specification...