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Focuses on the foundations of general equilibrium theory, more specifically on the existence, uniqueness, stability, optimality and comparative static properties of equilibrium states. This book explores the question of the empirical relevance of equilibrium states.

Equilibrium (Economics) --- 339 --- Disequilibrium (Economics) --- Economic equilibrium --- General equilibrium (Economics) --- Partial equilibrium (Economics) --- Economics --- Stagnation (Economics) --- Statics and dynamics (Social sciences) --- DGE (Economics) --- DSGE (Economics) --- Dynamic stochastic general equilibrium (Economics) --- SDGE (Economic theory) --- Équilibre (économie politique) --- École de lausanne (économie politique) --- Statique et dynamique (sciences sociales)

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The paper extends Bernanke and Mihov's [6] closed-economy strategy for identification of monetary policy shocks to open-economy settings, accounting for the simultaneity between interest-rate and exchange-rate innovations. The methodology allows a separate treatment of two distinct monetary policy shocks, one that operates through open market operations, and another one that takes place through interventions in the foreign exchange market. Implementation of this strategy to the case of Argentina provides the stylized facts necessary to choose among competing theoretical models of this economy. In addition to studying the effects of monetary policy innovations, the present study sheds light on the endogenous component of monetary policy. In this regard, the paper finds that, notwithstanding the relative stability of the exchange rate and the accumulation of large amounts of international reserves, the central bank in Argentina has been far from absorbing balance of payments shocks in a currency-board fashion. The growing level of international reserves can be rationalized, instead, as the monetary authority's response to terms of trade, supply and domestic currency demand shocks.

Balance of payments --- Central bank --- Currencies and Exchange Rates --- Currency demand --- Debt Markets --- Domestic currency --- Economic Policy --- Economic Stabilization --- Economic Theory & Research --- Emerging Markets --- Exchange rate --- Finance and Financial Sector Development --- Foreign exchange --- Foreign exchange market --- Foreign exchange market intervention --- General equilibrium --- General equilibrium models --- Interest rate --- Interest-rate --- International reserves --- Macroeconomics and Economic Growth --- Monetary authority --- Monetary policies --- Monetary Policy --- Open Economies --- Open economy --- Open market operations --- Private Sector Development

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How does a commodity market adjust to a temporary scarcity shock which causes a shift in the slope of the futures price curve? We find long-run relationships between spot and futures prices, inventories and interest rates, which means that such shocks lead to an adjustment back towards a stable equilibrium. We find evidence that the adjustment is somewhat consistent with well-known theoretical models, such as Pindyck (2001); in other words, spot prices rise and then fall, while inventories are used to absorb the shock. Importantly, the pace and nature of the adjustment depends upon whether inventories were initially high or low, which introduces significant nonlinearities into the adjustment process.

Investments: Energy --- Finance: General --- Investments: Futures --- Macroeconomics --- General Equilibrium and Disequilibrium: Financial Markets --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- General Financial Markets: General (includes Measurement and Data) --- Metals and Metal Products --- Cement --- Glass --- Ceramics --- Finance --- Investment & securities --- Futures --- Commodity markets --- Metals --- Futures markets --- Metal prices --- Derivative securities --- Commodity exchanges --- Prices --- Prices. --- Scarcity.

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Using a stochastic general equilibrium model with overlapping generations, this paper studies a policy rule for the retirement age aiming at offsetting the effects on the supply of labor following fertility changes. The authors find that the retirement age should increase more than proportionally to the direct fall in labor supply caused by a fall in fertility. The robustness of this result is checked against alternative model specifications and parameter values. The efficacy of the policy rule depends crucially on the link between the preference for leisure and the response of the intensive margin of labor supply to changes in the statutory retirement age. The model has subsequently been calibrated for Brazil by Jorgensen (2010), in the context of the Brazil Aging Study.

Aggregate Income --- Business cycle --- Contribution rate --- Downward pressure --- Early retirement --- Economic Theory & Research --- Exogenous shock --- Exogenous variable --- General equilibrium --- Health, Nutrition and Population --- Human capital --- Labor economics --- Labor force --- Labor Markets --- Labor Policies --- Labor supply --- Labour --- Macroeconomics and Economic Growth --- Market equilibrium --- Payroll tax --- Pensions & Retirement Systems --- Population Policies --- Real wages --- Retirement --- Social Protections and Labor --- Wage rate --- Worker --- Workers

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The scope and complexity of international trading arrangements in the Middle East, as well as their spotty historical record of success, underscores the urgent need for an adequate understanding of the relative costs and benefits of participation in preferential trading arrangements and, more generally, of changes in domestic import regimes. This paper seeks to address this problem by providing estimates of the adjustment costs associated with two broad classes of hypothetical trade policy scenarios for Syria: participation in preferential trading arrangements, and changes in the domestic import regime. The authors find that the revenue consequences of the first scenario may be substantial. Their analysis of the second scenario suggests that the number of tariff bands can be reduced, while ensuring revenue neutrality, via the introduction of a value added tax of sufficient but reasonable size.

Common market --- Customs --- Debt Markets --- Economic Theory & Research --- Equilibrium --- Exports --- Finance and Financial Sector Development --- Free Trade --- Free trade area --- General equilibrium --- Import regime --- Import regimes --- Import taxes --- Imports --- International Economics and Trade --- International trade --- International Trade and Trade Rules --- International trading --- Macroeconomics and Economic Growth --- Tariff lines --- Tariff reform --- Trade adjustment --- Trade models --- Trade Policy --- Trade promotion --- Trade reform