Showing papers in "Journal of Policy Modeling in 1990"

TL;DR: Moreovei et al. as discussed by the authors describe how to specify, solve, and draw policy lessons from small, two-sector, general equilibrium models of developing countries, which capture the essential mechanisms by which external shocks and economic policies ripple through the economy.

TL;DR: Bordo and Jonung as mentioned in this paper provided evidence from annual data for the period 1880-1986 that institutional variables are significant determinants of velocity in the United States, United Kingdom, Canada, Sweden, and Norway.

TL;DR: A great deal of ingenuity and creativity have been applied to the study of the demand for financial assets and, in particular, monetary assets as mentioned in this paper, and the period up to 1971 was one of optimism as far as establishing a stable money demand function was concerned.

TL;DR: In this paper, the authors present the application of a 10-sector CGE model under various factor mobility and microeconomic closure assumptions to analyze unilateral and multilateral agricultural liberalization, and demonstrate the implications of the various assumptions both for linking single country to multicountry models and for overall policy analysis.

TL;DR: The authors survey the recent advances in monetary aggregation theory as well as the earlier literature on the subject and discuss the limitations in the current state of our knowledge about monetary aggregation and speculate about productive areas for future research.

TL;DR: In this article, the empirical performance of two recent approaches to modeling money demand is compared by estimating functions for narrow and broad aggregates in five large industrial countries, and it is shown that error correction modeling outperforms the Carr-Darby buffer stock model within the 1974-1985 sample period.

TL;DR: The macroeconometric (ME) and computable general equilibrium (CGE) models can be considered the cornerstones of the spectrum of quantitative models used today for macroeconomic policy analysis as discussed by the authors.

TL;DR: In this paper, the authors argue that conditionality associated with government support programs makes the assessment of their capitalization effects more treacherous than conventionally believed, and illustrate these effects using a general equilibrium model.

TL;DR: In this article, a new test of political business cycle and partisan theories of politico-economic interaction is presented, based on the hypothesis that model dynamics and not just the intercept of a time-series model vary over electoral periods and party regimes.

TL;DR: In this paper, the authors argue that the idea of a stable long-run demand for money function continues to have empirical content and policy relevance, despite being subject to the influence of institutional change.

TL;DR: In this article, the authors examined the world oil market conditions in the 1990s by means of an annual econometric model incorporating strategic behavior of OPEC and constructed an energy consumption/CO 2 emission model to examine the possibility of stabilizing CO 2 emissions at around the current level of reducing it by 20 percent under this oil price scenario.

TL;DR: In this article, the macroeconomic effects of alternative methods of financing the social insurance system are estimated for the Netherlands with a multiscale macroeconomic model, and three alternatives are investigated: a new levy on net value-added, an increase in the VAT rate and an increasing in personal income tax rates.

TL;DR: This paper examined the structural adjustment problem of a developing country with a finite foreign-exchange surplus and developed a method of evaluating choices among the possible sectoral and macroeconomic policies for such a country.

TL;DR: The authors analyzes the role and macroeconomic impact of monetary and exchange rate policy as well as of wage formation in open economies where wages are primarily determined through collective bar-closeness.

TL;DR: In this paper, the implications of the buffer stock notion for modeling broad money are considered, and the issue of aggregate money exogeneity and the role of credit, and other supply side variables are examined.

TL;DR: The authors examine the political business cycle from the perspective of an interest rate reaction function and contrast the Federal Reserve's willingness to endure unemployment for the sake of lower inflation with that of the electorate.

TL;DR: The authors used general equilibrium models of three developing countries to examine the effects of a major structural adjustment policy: currency devaluation, and found that the composition of aggregate demand responds to factor prices through their effect on investment decisions, while the structure of output and trade similarly respond to macroeconomic forces, as well as to relative prices.

TL;DR: In this article, it is argued that devaluation will be followed by less immediate contraction in a black market economy than in a unified market economy, both because the black market exchange rate will depreciate by less than the official rate, and because many of the devaluation's contractionary effects will occur in anticipation of the official devaluation itself.

TL;DR: In this article, the authors presented updated and revised estimates for the International Monetary Fund's (IMF) World Trade Model (WTM), which estimates import and export price and volume relationships for each of three types of merchandise trade.

TL;DR: In the New Monetary Economics (NME) paradigm, money's two functions of medium of account and medium of exchange need not be united in a single asset called money as discussed by the authors.