Economic analyses of climate change policies frequently focus on reductions of energyrelated carbon dioxide emissions via market-based, economywide policies. The current course of environment and energy policy debate in the United States, however, suggests an alternative outcome: inefficiently designed and/or sector-based policies. This paper uses a collection of specialized, sector-based model...

a r t i c l e i n f o This paper studies how financial development affects the volatility of GDP growth through the channel of sectoral reallocation. For 28 OECD countries over the period 1970–2007, we construct a benchmark industrial portfolio that minimizes the economy's long-term volatility for a given level of long-term labor productivity growth. We find that financial development substanti...

Only a few European integration experts know that Jean Monnet, one of the masterminds of the European Coal and Steel Community, strongly preferred the European Atomic Energy Communitl to the European Economic Community in the 1950s and 1960s. From his point of view, sectoral and technical cooperation in the field of nuclear energy seemed to be much more promising in order to foster European int...

We build a multi-sectoral North–South trade model to analyze international intellectual property rights (IPR) protection. By comparing the Nash equilibrium IPR protection standard of the South (the developing countries) with that of the North (the developed countries), we find that the former is naturally weaker than the latter. Moreover, we show that both regions can gain from an agreement tha...

This paper provides a two-sector perspective for analyzing the effects of sectoral investment pattern on output growth. The two sectors are transformation and transaction. China and India are used as the empirical cases. We find that the rate differentials in real GDP growth between China and India tend to be positively correlated with the relative share of total investment that take place in t...