Countries with more developed …nancial markets (as measured by the private debtto-GDP ratio) tend to have signi…cantly lower aggregate volatility. This relationship is also highly non-linear— starting from a low level of …nancial development the reduction in aggregate volatility by …nancial deepening is far more signi…cant than it is when the …nancial market is more developed. We build a fully-...

This paper uses a multi-period economic-environmental Computable General Equilibrium (CGE) modelling framework to analyse local sustainability policy issues. Our focus is the small, open, labourconstrained regional economy of Jersey. The case of Jersey is of particular interest for two main reasons. The first is the unusually low degree of geographical labour market integration for such a small...

As the world’s second largest carbon emitter, China has long been criticised as a ‘free-rider’ enjoying benefits from other countries’ efforts to abate greenhouse gas emissions but not taking due responsibilities of its own. China has been singled out as one of the major targets at the subsequent negotiations after the Kyoto curtain had fallen. By analysing the historical contributions of inter...

This study develops a multi-region computable general equilibrium model (CGE model) with considering limited factor movement on the regional economy of Yangtze River Delta (YRD) in China. In broadly, YRD is composed of Shanghai City, Jiangsu province, and Zhejiang province. It has been achieved remarkable economic growth in the recent three decades. It was identified as a national-level regiona...

In this paper we describe a numerical solution of the consumer's life-cycle problem based on value function iteration. The advantage of our approach is that it retains the versatility of the value function iteration approach and achieves a high degree of accuracy without resorting to the very computationally burdensome task of calculating a very "ne grid. There are two innovations, the "rst is ...

Data suggest that macro asset pricing models attributing risk premia solely to covariance with aggregate consumption shocks generally perform poorly. Yet, there is no consensus over what alternative primitive pricing factors should accompany or take the place of aggregate consumption. We assume an economy where agents are like economists: they know that factors other than aggregate consumption ...

Thermobifida fusca Cel9A-90 is a processive endoglucanase consisting of a family 9 catalytic domain (CD), a family 3c cellulose binding module (CBM3c), a fibronectin III-like domain, and a family 2 CBM. This enzyme has the highest activity of any individual T. fusca enzyme on crystalline substrates, particularly bacterial cellulose (BC). Mutations were introduced into the CD or the CBM3c of Cel...

It has been argued that investors who optimize their portfolios with attention paid only to mean and standard deviation will all end up choosing some multiple of a certain master fund portfolio. Justification for the capital asset pricing model of classical portfolio theory, which relates individual assets to such a master fund, has come from this direction in particular. Attempts have been mad...

Using a large-scale CGE model, we investigate the short-run and long-run regional economic consequences of a catastrophic event – attack via radiological dispersal device (RDD) – centered on the downtown Los Angeles area. We distinguish two main routes via which such a catastrophic event might affect regional economic activity: (i) reduction in effective resource supply (the resource loss effec...

Soybean [Glycine max (L.) Merr.] germplasm line N98– 4445A (Reg. no. GP-313, PI 636691) was developed and released in 2002 byUSDA-ARS, in cooperation with the North Carolina Agricultural Research Service. This line has a concentration of oleic acid in the seed oil that is approximately 550 g kg. This is between 340 and 380 g kg greater than commercial soybean varieties and 47 g kg more than the...