Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/16953
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dc.titleThe internalization of natural capital depreciation in a selected macroeconomic model: Implications for short-run analysis
dc.contributor.authorLAWRENCE RAVISHANKAR SUNDERAJ
dc.date.accessioned2010-05-13T19:25:33Z
dc.date.available2010-05-13T19:25:33Z
dc.date.issued2005-01-13
dc.identifier.citationLAWRENCE RAVISHANKAR SUNDERAJ (2005-01-13). The internalization of natural capital depreciation in a selected macroeconomic model: Implications for short-run analysis. ScholarBank@NUS Repository.
dc.identifier.urihttp://scholarbank.nus.edu.sg/handle/10635/16953
dc.description.abstractThe acknowledgement that nature displays the properties of a capital good, in that it provides a flow of services and depreciates with use, has been neglected in macroeconomics until recently. As a starting premise, the study highlights a measurement problem in gross investment when the depreciation in natural capital is unaccounted for, and traces the consequences of the omission in relation to the investment-savings paradigm that characterizes the goods market. An outcome of internalizing natural capital depreciation is a higher level of nominal interest rate, which is interpreted as the opportunity cost of using manufactured and natural capital resources. The short-run responses of key variables to a policy rule on environmental restoration are then traced using the Keynesian general equilibrium model. Finally, a methodology is developed to empirically demonstrate the conceptual premises of the model with reference to the Canadian economy and the results of the simulations are presented in the thesis.
dc.language.isoen
dc.subjectNatural capital depreciation, IS-LM model, Environmental macroeconomics, Sustainable development, Canadian economy
dc.typeThesis
dc.contributor.departmentECONOMICS
dc.contributor.supervisorJESUTHASON THAMPAPILLAI
dc.description.degreeMaster's
dc.description.degreeconferredMASTER OF SOCIAL SCIENCES
dc.identifier.isiutNOT_IN_WOS
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