Cost-benefit rules for transport projects when labor supply is endogenous and taxes are distortionary

We embed a stylized traffic model within a general equilibrium model in which labor supply is endogenous and income taxes are distortionary. Within this framework we derive simple rules for performing a cost-benefit analysis that can be applied knowing only the output of the traffic model and a factor that accounts for the labor market distortion in a consistent manner. Thus the rules that we derive should be applicable in the large number of cost-benefit analyses that are performed based on the output of traffic models. Such analyses are routinely performed and guide the allocation of a large share of public investment in many countries of the world as well as the assessment of policies such as road user charging. We find that the rules for leisure transport are exactly the same as in a conventional CBA that includes the marginal cost of public funds. For business travel and commuting we find new rules as a result of the assumption that transport costs have the same distortionary effect as income taxes.Cost-benefit; Transport; General Equilibrium

Estimating risk premia in money market rates

This paper empirically tests the expectations hypothesis on both daily EONIA swap rates and monthly EURIBOR rates extended backwards with German LIBOR rates. In addition, we quantify the size of the risk premia in the money market at maturities of one, three, six and nine months. Using implied forward and spot rates in a cointegrated VAR model, we find that the data support the expectations hypothesis in the euro area and in Germany prior to 1999. We find that risk premia are relatively limited at the shorter maturities but more significant at maturities of six and nine months. Furthermore, the results on LIBOR/EURIBOR rates tentatively indicate a downward shift in the structure of the risk premia after the introduction of the euro. JEL Classification: E43, C32

COPENHAGEN STUDIES IN LANGUAGES: LSP - NINE STUDIES ON LANGUAGES FOR SPECIAL PURPOSES. Edited by Niels Davidsen-Nielsen. København: Handelshøjskolens Forlag, 1991. 159 pages

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Netværksbaseret læring

This paper discusses pedagogical and technological aspects of networked learning and the interplay between pedagogical principles, information technology and the educa-tional and organisational frameworks in the context of a distance-teaching course for Danish graduates seeking research-based further education and training in English for medical purposes. The empirical basis is an evaluation report of a second generation distance-teaching course where applied information technologies are geared to maxi-mum pedagogical efficiency by presenting on-line course materials in a flat visual de-sign and by facilitating dialogue between course participants working in teams