Climate change and agriculture: the role of international trade

Article Abstract:

Studies on how climate change affects agriculture in one nation with an open economy must take an international perspective. The economic impact of climate change is simulated using the static world policy simulation (SWOPSIM) model of international food markets. One experiment shows that gains in other regions may offset reduced production in the US, European Community and Canada, thereby leading to improved international welfare.

Models, Economic aspects, Climatic changes, Climate change, Crops and climate, Agricultural climatology

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Credible commitment to optimal escape from a liquidity trap: the role of the balance sheet of an independent central bank

Article Abstract:

The importance of the level of capital resulting in a commitment mechanism as a means of freeing an independent central bank from a liquidity trap is discussed.

United States, Analysis, Usage, Central banks, Powers and duties, Bank capital, Bank liquidity, Balance sheets

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