Abstract Each year in the US, hundreds of billions dollars are spent on transportation infrastructure and hours lost traffic. We develop a quantitative general equilibrium spatial framework featuring endogenous costs traffic congestion apply it to evaluate welfare impact improvements. Our approach yields analytical expressions for between any two locations, along each link network, distribution...

Under the Agreement on Trade-Related Intellectual Property Rights, the World Trade Organization members are required to enforce product patents for pharmaceuticals. In this paper we empirically investigate the welfare effects of this requirement on developing countries using data for the fluoroquinolones subsegment of the systemic anti-bacterials segment of the Indian pharmaceuticals market. Ou...

How do cyclical fiscal stabilisation policies affect welfare and government bond risk premia? Using a new Keynesian model we find that the effects of fiscal policy rules on the bond premium and welfare crucially depend on the source of business cycle fluctuations. The overall effect is estimated using Bayesian methods and the mechanism is deconstructed by examining the propagation mechanism of ...