We show that instantaneous increases in real NNP over time are an accurate indicator of true dynamic welfare improvements. The framework of the paper is the standard multisector optimal growth model. The result highlights ...

The labor market behavior of immigrants is studied in relation to the propensity to outmigrate. Utilizing a large micro dataset for individuals in Norway, which enables identification of out-migrants, I find in line with ...

Ground-level ozone concentrations have adverse effects e.g. on human health and crops. Ozone is not emitted, but atmospheric reactions involving nitrogen oxides (NOx) and volatile organic compounds (VOCs) cause its formation. ...

Empirical and theoretical studies suggest that employment behaviour varies with the state of the labour market since hiring and Þrings costs depend on the availability of labour. Extending earlier empirical work on this ...

Countries rich in natural resources constitute both growth losers and growth winners. We claim that the main reason for these diverging experiences is differences in the quality of institutions. More natural resources push ...

Using a computable equilibrium model, we examine the short-run effects of a radical liberalisation of the West European natural gas and electricity markets. In each model country, oil, gas, coal and electricity are produced, ...

How will the commitment to price stability affect labour market rigidities in the European Monetary Union? I explore a model where firms choose between fixed wage contracts (where the employer cannot lay off the worker, ...

We seek to explain why TV advertising is dominated by a few product categories. We apply a model of the TV industry that encompasses both the product markets and the market for TV viewers to discuss who will advertise on ...

We explore the efficacy of price and quantity controls as environmental policy instruments in a stochastic setting in which agents are risk averse. We demonstrate that the assumption of risk aversion may improve the ...