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Global Linkages
With the rapid deterioration of the U.S. trade balance in the 1980s, the United States was forced to finance deficits by borrowing heavily from the rest of the world. In doing so, the United States went from being the world's largest creditor country to the world's largest debtor, while Japan and West Germany experienced a rise in trade surpluses. Such a shift in international trade flows has had profound effects on the world economy. McKibbin and Sachs address a range of issues involving macroeconomic imbalances in the world economy. Through the use of a new simulation model of the world economy they explore how policy actions undertaken in one country affect the trade flows and macroeconom...
The McKibbin-Sachs Global Model
This paper presents the theoretical underpinnings of the MSG2 simulation model of the world economy. The MSG2 model is a dynamic general equilibrium model of the world economy which pays particular attention to the relation between stocks and flows and intertemporal constraints. The formation of expectations also plays an important role in the model. In the version presented here the world is divided into the U.S., Japan, Germany, the rest of the EMS, and the rest of the OECD, non-oil developing countries and OPEC.
Globalisation, Regionalism and Economic Interdependence
An assessment of the extent to which increased global and regional integration has changed the functioning of the world economy. With contributions from both academics and professionals, it analyses the implications for global trade, relocation of production, structural changes and the international transmission of shocks.
Estimates of the Costs of Kyoto-Marrakesh Versus the McKibbin-Wilcoxen Blueprint
"a In this paper we update our earlier estimates of the cost of the Kyoto protocol using the G-cubed model, taking into account the new sink allowances from recent negotiations as well as allowing for multiple gases and new land clearing estimates. We then move on to the paper's main topic, which is an examination of the protocol's core flaw - the sensitivity of compliance costs to unexpected changes in future economic conditions." --p. 2.
