This paper investigates the economic impact of a 5% improvement in UK household energy efficiency, focussing specifically on total energy rebound effects. The impact is measured through simulations using models that have increasing degrees of endogeneity but are calibrated on a common data set, moving from a basic partial equilibrium approach to a fully specified general equilibrium treatment. The size of the rebound effect is shown to depend on changes in household income, aggregate economic activity and relative prices that can only be captured through a general equilibrium model.

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We present a stylized intertemporal forward-looking model able that accommodates key regional economic features, an area where the literature is not well developed. The main difference, from the standard applications, is the role of saving and its implication for the balance of payments. Though maintaining dynamic forward-looking behaviour for agents, the rate of private saving is exogenously determined and so no neoclassical financial adjustment is needed. Also, we focus on the similarities and the differences between myopic and forwardlooking models, highlighting the divergences among the main adjustment equations and the resulting simulation outcomes.JEL classification: C68; D58; D91; R10

The issues of the forced migration on the one side and the integration of refugees in the EU society and labour markets on the other side are high on the policy agenda. Apart from humanitarian aspects, a sustainable integration of accepted asylum seekers is important also for social, economic, budgetary and other reasons. Although the potential socioeconomic consequences of accepted asylum seekers often are being discussed, little scientific evidence has supported the policy debate in the context of the current refugee crisis in the EU so far. This study attempts to shed light on the long‐run social, economic and budgetary effects of the rapidly increasing forced immigration into the EU by performing a holistic analysis of alternative refugee integration scenarios. Our simulation results suggest that, although the refugee integration, for example, by the providing language and professional training, is costly for the public budget, in the medium to long‐run, the social, economic and fiscal benefits may significantly outweigh the short‐run refugee integration costs. Depending on the integration policy scenario and policy financing method, the annual long‐run GDP effect would be 0.2%–1.6% above the baseline growth.

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