In all modern industrial countries, redistributive expenditures are a larger component of the government budget than consumption of goods and services. In this paper, we use a general equilibrium, two-country model with exportables, importables and nontraclables to study redistribution across different types of agents in a world characterized by the presence of labor unions and distortionary ta...

In this paper we examine an alternative policy scenario, where governments allow polluting …rms to trade permits in a strategic environmental policy model. We demonstrate, among other things, that with no market power in the permits market, governments of the exporting …rms do not have an incentive to under-regulate pollution in order to become more competitive. This strategic e¤ect is reversed...

a r t i c l e i n f o JEL classification: E52 G10 G14 Keywords: High oil price events Asymmetric impacts of monetary shocks Financing constraints This paper investigates whether a high oil price event that worsens the quality of a firm's balance sheet in turn provides an additional transmission channel to the stock market, which then affects stock returns. We examine the asymmetric impacts of m...

The procurement decision problem of divisible goods is investigated, and an optimization decision method for procuring a kind of divisible goods (such as coal, oil, electricity, gas, etc.) is presented based on multi-attribute auction. Firstly, the procurement decision problem of divisible goods is converted into a multi-attribute auction of divisible goods. Correspondingly, several important a...

As a consequence of the COVID-19 pandemic, Korea’s economy has experienced significant setbacks. Thus, this article examines implications pandemic on key macroeconomic indicators via transmission channels oil prices and production technology. Using Bayesian estimation impulse response functions for empirical investigation, results suggest that intensified reduction in firm production, consumpti...

For centuries, most international trade involved an exchange of complete goods. But, with recent improvements in transportation and communications technology, it increasingly entails di¤erent countries adding value to global supply chains, or what might be called “trade in tasks.”We propose a theory of the global production process that focuses on tradable tasks and use it to study how falling ...

In this article we present a new approach to the numerical valuation of derivative securities. The method is based on our previous work where we formulated the theory of pricing in terms of tradables. The basic idea is to fit a finite difference scheme to exact solutions of the pricing PDE. This can be done in a very elegant way, due to the fact that in our tradable based formulation there appe...

Hedonic pricing is an indirect valuation method that applies to heterogeneous goods investigating the relationship between the prices of tradable goods and their attributes. It can be used to measure the value of irrigation water through the estimation of the model that describes the relation between the market value of the land parcels and its characteristics. Because many of the land parcels ...

In this paper we examine an alternative policy scenario, where governments allow polluting …rms to trade permits in a strategic environmental policy model. We demonstrate, among other things, that with no market power in the permits market, governments of the exporting …rms do not have an incentive to under-regulate pollution in order to become more competitive. This strategic e¤ect is reversed...