946 resultados para dynamic stochastic general equilibrium models


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Date of Acceptance: 08/05/2014 Acknowledgements The authors are indebted to Julia Römer for assisting with editing several hundred references. Helmut Haberl gratefully acknowledges funding by the Austrian Academy of Sciences (Global Change Programme), the Austrian Ministry of Science and Research (BMWF, proVision programme) as well as by the EU-FP7 project VOLANTE. Carmenza Robledo-Abad received financial support from the Swiss State Secretariat for Economic Affairs.

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Improving the representation of the hydrological cycle in Atmospheric General Circulation Models (AGCMs) is one of the main challenges in modeling the Earth's climate system. One way to evaluate model performance is to simulate the transport of water isotopes. Among those available, tritium (HTO) is an extremely valuable tracer, because its content in the different reservoirs involved in the water cycle (stratosphere, troposphere, ocean) varies by order of magnitude. Previous work incorporated natural tritium into LMDZ-iso, a version of the LMDZ general circulation model enhanced by water isotope diagnostics. Here for the first time, the anthropogenic tritium injected by each of the atmospheric nuclear-bomb tests between 1945 and 1980 has been first estimated and further implemented in the model; it creates an opportunity to evaluate certain aspects of LDMZ over several decades by following the bomb-tritium transient signal through the hydrological cycle. Simulations of tritium in water vapor and precipitation for the period 1950-2008, with both natural and anthropogenic components, are presented in this study. LMDZ-iso satisfactorily reproduces the general shape of the temporal evolution of tritium. However, LMDZ-iso simulates too high a bomb-tritium peak followed by too strong a decrease of tritium in precipitation. The too diffusive vertical advection in AGCMs crucially affects the residence time of tritium in the stratosphere. This insight into model performance demonstrates that the implementation of tritium in an AGCM provides a new and valuable test of the modeled atmospheric transport, complementing water stable isotope modeling.

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Sub-ice shelf circulation and freezing/melting rates in ocean general circulation models depend critically on an accurate and consistent representation of cavity geometry. Existing global or pan-Antarctic data sets have turned out to contain various inconsistencies and inaccuracies. The goal of this work is to compile independent regional fields into a global data set. We use the S-2004 global 1-minute bathymetry as the backbone and add an improved version of the BEDMAP topography for an area that roughly coincides with the Antarctic continental shelf. Locations of the merging line have been carefully adjusted in order to get the best out of each data set. High-resolution gridded data for upper and lower ice surface topography and cavity geometry of the Amery, Fimbul, Filchner-Ronne, Larsen C and George VI Ice Shelves, and for Pine Island Glacier have been carefully merged into the ambient ice and ocean topographies. Multibeam survey data for bathymetry in the former Larsen B cavity and the southeastern Bellingshausen Sea have been obtained from the data centers of Alfred Wegener Institute (AWI), British Antarctic Survey (BAS) and Lamont-Doherty Earth Observatory (LDEO), gridded, and again carefully merged into the existing bathymetry map. The global 1-minute dataset (RTopo-1 Version 1.0.5) has been split into two netCDF files. The first contains digital maps for global bedrock topography, ice bottom topography, and surface elevation. The second contains the auxiliary maps for data sources and the surface type mask. A regional subset that covers all variables for the region south of 50 deg S is also available in netCDF format. Datasets for the locations of grounding and coast lines are provided in ASCII format.

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International tourism is considered an effective means of economic development. However, the effects of tourism are not evenly distributed between rural and urban households in China. In the wake of significant socioeconomic events, the uneven distribution of the economic effects has huge welfare implications for Chinese households. This study is the first attempt to evaluate the distributional effect of two large, recent, sequential events on China's rural and urban households. It adopts an innovative approach that combines an econometric model and a two-household computable general equilibrium model. The results show that in terms of welfare, urban households were more adversely affected by the events than rural households. To mitigate the loss of welfare, measures should be taken to continually promote China as a destination and attract tourists after such events occur. Meanwhile, training and education should be made more accessible to rural households to increase their job opportunities.

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Recent developments in the general equilibrium theory of multinationals emphasize the importance of multilateral considerations. Yet, existing explanations and corresponding estimations of FDI patterns have largely limited political and institutional investment impediments to a bilateral framework. Through the application of spatial econometric techniques, I demonstrate that the presence of both domestic and regional political uncertainty generate real options effects that lead to the delay or redirection of foreign direct investment. The magnitude and direction of these effects is conditional upon the host country regime type and the predominant multinational integration strategies in the region. Comparing these results with FDI of U.S. origin, I find evidence for divergent investment behavior by U.S. multinationals during regime changes in partner countries. Additionally, I find no evidence that multinationals from developing countries are more likely to complete cross-border deals in environments characterized by greater political risk or political uncertainty.

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We present an IP-based nonparametric (revealed preference) testing procedure for rational consumption behavior in terms of general collective models, which include consumption externalities and public consumption. An empirical application to data drawn from the Russia Longitudinal Monitoring Survey (RLMS) demonstrates the practical usefulness of the procedure. Finally, we present extensions of the testing procedure to evaluate the goodness-of-…t of the collective model subject to testing, and to quantify and improve the power of the corresponding collective rationality tests.

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Sobre la base de la crítica a los límites de la teoría neoclásica del equilibrio general para explicar las crisis económicas del capitalismo y el papel que esta teoría atribuye en su gestión a lo político y a la política, se examinan las explicaciones que aportan las teorías de Keynes, Friedman y Marx desde un punto de vista comparado y crítico y se relacionan con el contexto económico y político del que surgen y con las políticas que promueven, así como la influencia en las sociedades capitalistas y la disputa teórica que proyectan.

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Three types of forecasts of the total Australian production of macadamia nuts (t nut-in-shell) have been produced early each year since 2001. The first is a long-term forecast, based on the expected production from the tree census data held by the Australian Macadamia Society, suitably scaled up for missing data and assumed new plantings each year. These long-term forecasts range out to 10 years in the future, and form a basis for industry and market planning. Secondly, a statistical adjustment (termed the climate-adjusted forecast) is made annually for the coming crop. As the name suggests, climatic influences are the dominant factors in this adjustment process, however, other terms such as bienniality of bearing, prices and orchard aging are also incorporated. Thirdly, industry personnel are surveyed early each year, with their estimates integrated into a growers and pest-scouts forecast. Initially conducted on a 'whole-country' basis, these models are now constructed separately for the six main production regions of Australia, with these being combined for national totals. Ensembles or suites of step-forward regression models using biologically-relevant variables have been the major statistical method adopted, however, developing methodologies such as nearest-neighbour techniques, general additive models and random forests are continually being evaluated in parallel. The overall error rates average 14% for the climate forecasts, and 12% for the growers' forecasts. These compare with 7.8% for USDA almond forecasts (based on extensive early-crop sampling) and 6.8% for coconut forecasts in Sri Lanka. However, our somewhatdisappointing results were mainly due to a series of poor crops attributed to human reasons, which have now been factored into the models. Notably, the 2012 and 2013 forecasts averaged 7.8 and 4.9% errors, respectively. Future models should also show continuing improvement, as more data-years become available.

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Utilizing the framework of effective surface quasi-geostrophic (eSQG) theory, we explored the potential of reconstructing the 3D upper ocean circulation structures, including the balanced vertical velocity (w) field, from high-resolution sea surface height (SSH) data of the planned SWOT satellite mission. Specifically, we utilized the 1/30°, submesoscale-resolving, OFES model output and subjected it through the SWOT simulator that generates the along-swath SSH data with expected measurement errors. Focusing on the Kuroshio Extension region in the North Pacific where regional Rossby numbers range from 0.22 to 0.32, we found that the eSQG dynamics constitutes an effective framework for reconstructing the 3D upper ocean circulation field. Using the modeled SSH data as input, the eSQG-reconstructed relative vorticity (ζ) and w fields are found to reach a correlation of 0.7–0.9 and 0.6–0.7, respectively, in the 1,000m upper ocean when compared to the original model output. Degradation due to the SWOT sampling and measurement errors in the input SSH data for the ζ and w reconstructions is found to be moderate, 5–25% for the 3D ζ field and 15-35% for the 3D w field. There exists a tendency for this degradation ratio to decrease in regions where the regional eddy variability (or Rossby number) increases.

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Las organizaciones se pueden asumir como el resultado de las necesidades históricas del entorno y de los sistemas sociales en su proceso evolutivo, y su sostenibilidad depende de la capacidad de entender su propia complejidad. Este artículo propone que la dotación de condiciones para la innovación, como expresión de la cultura organizacional, es una opción garante de sostenibilidad y requiere de un proceso no uniforme, ni predecible, es decir, un proceso complejo. Las reflexiones apuntan a que las empresas, para garantizar su sostenibilidad deben encontrar, cuasiequilibrios altamente dinámicos y transitorios, del núcleo de los requerimientos funcionales de las demandas y las capacidades estructurales de la oferta. Como resultado de esta reflexión se propone que las decisiones instrumentadas a partir de estas capacidades, pueden aceptarse dentro de un rango amplio de estrategias evolutivas eficientes, en un extenso espectro que va desde la adición cercana a los enfoques económicos ortodoxos hasta los actuales de innovación.

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Understanding how imperfect information affects firms' investment decision helps answer important questions in economics, such as how we may better measure economic uncertainty; how firms' forecasts would affect their decision-making when their beliefs are not backed by economic fundamentals; and how important are the business cycle impacts of changes in firms' productivity uncertainty in an environment of incomplete information. This dissertation provides a synthetic answer to all these questions, both empirically and theoretically. The first chapter, provides empirical evidence to demonstrate that survey-based forecast dispersion identifies a distinctive type of second moment shocks different from the canonical volatility shocks to productivity, i.e. uncertainty shocks. Such forecast disagreement disturbances can affect the distribution of firm-level beliefs regardless of whether or not belief changes are backed by changes in economic fundamentals. At the aggregate level, innovations that increase the dispersion of firms' forecasts lead to persistent declines in aggregate investment and output, which are followed by a slow recovery. On the contrary, the larger dispersion of future firm-specific productivity innovations, the standard way to measure economic uncertainty, delivers the ``wait and see" effect, such that aggregate investment experiences a sharp decline, followed by a quick rebound, and then overshoots. At the firm level, data uncovers that more productive firms increase investments given rises in productivity dispersion for the future, whereas investments drop when firms disagree more about the well-being of their future business conditions. These findings challenge the view that the dispersion of the firms' heterogeneous beliefs captures the concept of economic uncertainty, defined by a model of uncertainty shocks. The second chapter presents a general equilibrium model of heterogeneous firms subject to the real productivity uncertainty shocks and informational disagreement shocks. As firms cannot perfectly disentangle aggregate from idiosyncratic productivity because of imperfect information, information quality thus drives the wedge of difference between the unobserved productivity fundamentals, and the firms' beliefs about how productive they are. Distribution of the firms' beliefs is no longer perfectly aligned with the distribution of firm-level productivity across firms. This model not only explains why, at the macro and micro level, disagreement shocks are different from uncertainty shocks, as documented in Chapter 1, but helps reconcile a key challenge faced by the standard framework to study economic uncertainty: a trade-off between sizable business cycle effects due to changes in uncertainty, and the right amount of pro-cyclicality of firm-level investment rate dispersion, as measured by its correlation with the output cycles.

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In the past few years, there has been a concern among economists and policy makers that increased openness to international trade affects some regions in a country more than others. Recent research has found that local labor markets more exposed to import competition through their initial employment composition experience worse outcomes in several dimensions such as, employment, wages, and poverty. Although there is evidence that regions within a country exhibit variation in the intensity with which they trade with each other and with other countries, trade linkages have been ignored in empirical analyses of the regional effects of trade, which focus on differences in employment composition. In this dissertation, I investigate how local labor markets' trade linkages shape the response of wages to international trade shocks. In the second chapter, I lay out a standard multi-sector general equilibrium model of trade, where domestic regions trade with each other and with the rest of the world. Using this benchmark, I decompose a region's wage change resulting from a national import cost shock into a direct effect on prices, holding other endogenous variables constant, and a series of general equilibrium effects. I argue the direct effect provides a natural measure of exposure to import competition within the model since it summarizes the effect of the shock on a region's wage as a function of initial conditions given by its trade linkages. I call my proposed measure linkage exposure while I refer to the measures used in previous studies as employment exposure. My theoretical analysis also shows that the assumptions previous studies make on trade linkages are not consistent with the standard trade model. In the third chapter, I calibrate the model to the Brazilian economy in 1991--at the beginning of a period of trade liberalization--to perform a series of experiments. In each of them, I reduce the Brazilian import cost by 1 percent in a single sector and I calculate how much of the cross-regional variation in counterfactual wage changes is explained by exposure measures. Over this set of experiments, employment exposure explains, for the median sector, 2 percent of the variation in counterfactual wage changes while linkage exposure explains 44 percent. In addition, I propose an estimation strategy that incorporates trade linkages in the analysis of the effects of trade on observed wages. In the model, changes in wages are completely determined by changes in market access, an endogenous variable that summarizes the real demand faced by a region. I show that a linkage measure of exposure is a valid instrument for changes in market access within Brazil. By using observed wage changes in Brazil between 1991-2000, my estimates imply that a region at the 25th percentile of the change in domestic market access induced by trade liberalization, experiences a 0.6 log points larger wage decline (or smaller wage increase) than a region at the 75th percentile. The estimates from a regression of wages changes on exposure imply that a region at the 25th percentile of exposure experiences a 3 log points larger wage decline (or smaller wage increase) than a region at the 75th percentile. I conclude that estimates based on exposure overstate the negative impact of trade liberalization on wages in Brazil. In the fourth chapter, I extend the standard model to allow for two types of workers according to their education levels: skilled and unskilled. I show that there is substantial variation across Brazilian regions in the skill premium. I use the exogenous variation provided by tariff changes to estimate the impact of market access on the skill premium. I find that decreased domestic market access resulting from trade liberalization resulted in a higher skill premium. I propose a mechanism to explain this result: that the manufacturing sector is relatively more intensive in unskilled labor and I show empirical evidence that supports this hypothesis.

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Matching theory and matching markets are a core component of modern economic theory and market design. This dissertation presents three original contributions to this area. The first essay constructs a matching mechanism in an incomplete information matching market in which the positive assortative match is the unique efficient and unique stable match. The mechanism asks each agent in the matching market to reveal her privately known type. Through its novel payment rule, truthful revelation forms an ex post Nash equilibrium in this setting. This mechanism works in one-, two- and many-sided matching markets, thus offering the first mechanism to unify these matching markets under a single mechanism design framework. The second essay confronts a problem of matching in an environment in which no efficient and incentive compatible matching mechanism exists due to matching externalities. I develop a two-stage matching game in which a contracting stage facilitates subsequent conditionally efficient and incentive compatible Vickrey auction stage. Infinite repetition of this two-stage matching game enforces the contract in every period. This mechanism produces inequitably distributed social improvement: parties to the contract receive all of the gains and then some. The final essay demonstrates the existence of prices which stably and efficiently partition a single set of agents into firms and workers, and match those two sets to each other. This pricing system extends Kelso and Crawford's general equilibrium results in a labor market matching model and links one- and two-sided matching markets as well.

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Transition to diets that are high in saturated fat and sugar has caused a global public health concern as the pattern of food consumption is a mayor modifiable risk factor for chronic non-communicable diseases Although agri food systems are intimately associated with this transition, agriculture and health sectors are largely disconnected in their priorities policy, and analysis with neither side considering the complex inter relation between agri trade patterns of food consumption health, and development We show the importance of connection of these perspectives through estimation of the effect of adopting a healthy diet on population health, agricultural production trade the economy and livelihoods, with a computable general equilibrium approach on the basis of case studies from the UK and Brazil we suggest that benefits of a healthy diet policy will vary substantially between different populations, not only because of population dietary intake but also because of agricultural production trade and other economic factors