By Iain Begg, Brian Henry

ISBN-10: 0521624142

ISBN-13: 9780521624145

This e-book features a number of particularly commissioned papers during which top economists discover the position of utilized economics in informing public coverage. The contributions hide macroeconomic modeling, using corporation information to evaluate fiscal functionality, innovations for facts accumulating and coverage research. The booklet covers numerous study equipment and exhibits how those were utilized in perform to explain financial difficulties. utilized economics is either an paintings and a technology, and this ebook demonstrates why.

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Additional info for Applied Economics and Public Policy (Department of Applied Economics Occasional Papers)

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4 Averaging across countries and panel data techniques Disaggregation brings another benefit, the ability to compare estimates across sectors and regions. This is especially valuable for establishing the credibility of a parameter, because it allows an interpretation to be made of differences between parameters. For example, in modelling the European labour market, a much higher value than average was found for the external effects on Irish wage rates, confirming the integration of the Irish and UK labour markets (Barker and Gardiner, 1996).

The model produces outcomes for income, employment, emissions, and other variables depending on its specification and the user is left to judge the social value of the policy being modelled. 3 Environmental externalities The issue of interest, however, is abatement of global warming. The problem is partly that the carrying capacity of the global atmosphere is common property, and those responsible for GG emissions reduce that capacity without bearing the cost. If the externality is acknowledged, the CGE equilibrium prices should be adjusted, so that all markets clear at the new set of prices, depending on GG emissions.

However, this is not the procedure actually followed. g. after the imposition Large-scale modelling of the European Union 31 of a carbon tax. The method is well illustrated in an initial paper reporting results of the GREEN model (Burniaux et al, 1992): the paper reports that OECD welfare is reduced by the imposition of a carbon tax, but the model assumes that the base line does not include distortions. g. g. the provision of employment. The two dividends are measured against a theoretical optimum usually achieved in the models by summing consumption or 'utility' linked to consumption, variously including current private and/or public consumption or future consumption.

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Applied Economics and Public Policy (Department of Applied Economics Occasional Papers) by Iain Begg, Brian Henry

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