There are a limited number of studies, surveys, and research that effectively addresses the proper nature of the economic impact driven by the cultural tourism. The most effective and significant trend, in this case, is the use of CGE (Complete General Equilibrium) model. This model uses actual data. This model also helps to evaluate the impact of exogenous shocks on the economy. If the tourist demand decreases, CGE allows a drop down in the prices of the products and services. Several studies have been conducted with the help of CGE. These studies show that foreign tourism is indeed much highly taxed than the domestic tourism. This effectively contributes to the economic growth in a positive way, because the economic loss from the subsidized or less taxed price is made up by the highly taxed foreign tourism (Mankiw, Romer, & Weil, 1992). There are various sectors related to cultural tourism. Sectors like hotels, restaurants, and transportations are directly influenced by the tourism. But other sectors like the food, clothes and apparel industry are indirectly affected. Most of these sectors try to restrict or slow down the production output whenever there is a competitive exchange rate. This has a huge influence over the tourists demand and the real returns.
Various experts and researchers have also claimed that wage regression is positively influenced by the climate variables like snowfall, extreme heat and cloudy days. But the rent regression is negatively affected by these factors. In this case, these factors can be considered as disamenities. On the other hand, clear days have a negative impact on wage regression. But it has a positive impact on the rent regression. In this case, the influencing factor is considered as an amenity. If a season has experienced much of the disamenities, then the providers will be forced to increase the price. In some cases, this hike is so high that tourists completely turn their faces away from those goods or services. Thus, the overall economy feels a wrath. The situation becomes the opposite when a season is full of clear days. The wage regression is negatively affected. Therefore, the providers usually do not increase the price or increases a little. This is not at all a concern for the cultural tourists. The consumption either becomes stable or experiences a growth and this leads to the economic welfare of that region (Corden & Neary, 1982) .
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