Prices or Quantities Dominate Banking and Borrowing

@article{Weitzman2018PricesOQ,
  title={Prices or Quantities Dominate Banking and Borrowing},
  author={M. Weitzman},
  journal={IO: Regulation},
  year={2018}
}
The possibility of intertemporal banking and borrowing of tradeable permits is often viewed as tilting the various policy debates about optimal pollution control instruments toward favoring such time-flexible quantities. The present paper shows that this view is misleading, at least for the simplest dynamic extension of the original `prices vs. quantities' information structure. The model of this paper allows the firms to know and act upon the realization of uncertain future costs two full… Expand
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