Working Paper 21-08 - Impact of the EU Energy and Climate Package on the Belgian energy system and economy - Study commissioned by the Belgian federal and three regional authorities

In order to prepare for the negotiations on the EU Energy and Climate Package, the Federal Planning Bureau was asked by the Belgian federal and regional authorities to conduct a study on the impact of the January 2008 European Commission's proposal. In the course of this study, various scenarios were run. Next to a baseline, two main alternative scenarios were scrutinised: the 20/20 and 30/20 target scenarios, standing for an EU reduction of respectively 20% and 30% of GHG emissions in the year 2020 compared to the level of 1990 and a 20% mandatory EU share of RES in Gross Final Energy Demand in 2020. The report then includes an analysis of the impact of both scenarios on the Belgian energy system and economy as well as on GHG emissions.Energy policy, Climate policy, Economic efficiency, Long-term energy projections, Greenhouse gas emissions, Macroeconomic impact

Working Paper 11-09 - Hausse de la fiscalité sur l’énergie et baisse d’autres formes de prélèvement : résultats macroéconomiques

This study is devoted to the analysis of the main effects, on the Belgian economy, of various forms of tax shifting aimed at increasing taxes on energy and decreasing other taxes(mainly taxes on labour). Results show that, if the increase in energy taxes is combined with a reduction of taxes on labour, a double dividend (rise in employment and decrease in energy consumption and CO2 emissions) can be obtained.Macroeconomic impact, fiscal reform, Double dividend

What are the consequences of the AWG-projections for the adequacy of social security pensions? ENEPRI Research Report No. 65, 16 January 2009

This paper starts by describing the model MIDAS in detail. It next presents and discusses some simulation results for Belgium, Germany and Italy. Finally, the simulation results of two alternative policy scenarios are presented and discussed

Micro-assymetry and macro-data: a distribution-based approach

This paper shows how micro-features can be retrieved when only aggregate data are available, assuming a realistic micro-setting where agents can be either free to act according to a linear economic model, or constrained to do nothing

Co_integration inference in the Value-Profit relation and investment models

In this paper we make use of the cointegrating property from a present value model to obtain long run specifications for investment in a neoclassical framework with adjustment cost technology. These attractive theoretical models are implemented for eleven OECD countrie

Exact Solution to Non Linear Euler Equation of Investment with Stochastic Interest Rate

This paper presents an exact solution to a class of simple non linear forward looking rational expectations (NLRE) models, and uses it to model investment behaviour and to study an interest rate policy on this variable. Empirical results for U.S. prop up this approach

On expectations and uncertainty in constrained nonlinear dynamic models

In this paper, we provide conditions for a nonlinear dynamic model to be the solution of a theoretical setting where agents have a nonlinear looking-Forward behaviour, and where the exogenous effects of both Uncertainty and Levels are allowed to vary through time (according to a multivariate AR-GARCH representation). This so-called FUL model is used to assess the way uncertainty influences investment in Belgium (53-98), a controversal topic in the recent literature devoted to that key economic variable

Capital market imperfections and investment: evidence from Belgian panel data

This paper introduces authors' contribution to a joint research project coordinated by BNB on "New views on firms' investment and financial decisions ". That contribution aims at getting a better understanding of Belgian firms investment behaviour. It takes place in the framework of the recent flow of scientific literature on that subject, however adapted to individual data, especially those based on yearly accounts. That resarch can explain, at least theoretically, some stylised facts of today investment behaviour

The neoclassical synthesis of investment behaviour and the co-integration challenge

Econometric study of investment in Belgium based on the PhD dissertation of Frédéric Verschueren.Etude économétrique de l'investissement en Belgique vasée sur la thèse de Frédéric Verschueren