18 Citations
Confronting Climate Skepticism: Ramsey Carbon Taxation and Pricing Under Ambiguity
- Economics
- 2018
The literature on optimal climate policy typically assumes that the government and the private sector are in full agreement about the causes of global warming. Instead, this paper assumes that the…
Prudence and Precaution for Natural Resource and Climate Uncertainty
- Economics
- 2018
Vrije Universiteit Amsterdam P ru d en ce a n d P rca u io n fo r N a tu ra l R so u ce a n d C im a te U n crta in ty This PhD thesis examines the optimal macroeconomic policy response to the…
Suboptimal Climate Policy
- EconomicsJournal of the European Economic Association
- 2021
There is a scientific consensus that human activities, in the form of emissions of carbon dioxide into the atmosphere, cause global warming. These emissions mostly occur in the marketplace, i.e.,…
Are Economists Getting Climate Dynamics Right and Does It Matter?
- EconomicsJournal of the Association of Environmental and Resource Economists
- 2021
We show that economic models of climate change produce climate dynamics inconsistent with current climate science models: (i) the delay between CO2 emissions and warming is much too long and (ii)…
Macro-Financial Implications of Climate Change and the Carbon Transition Disorderly green transitions, the risk of stranded assets, and
- Economics
- 2020
We review what needs to be done to ensure a smooth transition to the carbon-free economy. If policy internalises global warming damages, the carbon price rises at the same rate as economic activity…
Estimates of the social cost of carbon have increased over time
- Economics
- 2021
A meta-analysis of published estimates shows that the social cost of carbon has increased as knowledge about climate change accumulates. Correcting for inflation and emission year and controlling for…
Climate Policies and Monetary Policies
- Economics
- 2021
This paper presents two types of analysis on the interaction between policies to deal with climate change and monetary policies in the euro area. First, we empirically analyze the historical effects…
The Social Cost of Carbon and Inequality: When Local Redistribution Shapes Global Carbon Prices
- EconomicsJournal of Environmental Economics and Management
- 2019
Uncertainty of climate policies and implications for economics and finance: An evolutionary economics approach
- EconomicsEcological Economics
- 2019
The Rising Cost of Climate Change: Evidence from the Bond Market
- EconomicsFederal Reserve Bank of San Francisco, Working Paper Series
- 2020
Social discount rates (SDRs) are crucial for evaluating the costs of climate change. We show that the fundamental anchor for market-based SDRs is the equilibrium or steady-state real interest rate.…
References
SHOWING 1-10 OF 52 REFERENCES
Climate Risks and Carbon Prices: Revising the Social Cost of Carbon
- Environmental Science
- 2012
Abstract The social cost of carbon – or marginal damage caused by an additional ton of carbon dioxide emissions – has been estimated by a U.S. government working group at $21/tCO2 in 2010. That…
Climate Policies Under Climate Model Uncertainty: Max-Min and Min-Max Regret
- Environmental ScienceSSRN Electronic Journal
- 2017
Scientific Ambiguity and Climate Policy
- Economics
- 2013
Economic evaluation of climate policy traditionally treats uncertainty by appealing to expected utility theory. Yet our knowledge of the impacts of climate policy may not be of sufficient quality to…
Endogenous Growth, Convexity of Damage and Climate Risk: How Nordhaus' Framework Supports Deep Cuts in Carbon Emissions
- Economics
- 2015
‘To slow or not to slow’ (Nordhaus, 1991) was the first economic appraisal of greenhouse gas emissions abatement and founded a large literature on a topic of worldwide importance. We offer our…
Intergenerational Inequality Aversion , Growth and the Role of Damages : Occam ’ s rule for the global tax
- Economics
- 2014
We use the Euler equation to put forward a back-on-the-envelope rule for the global carbon tax based on a two-box carbon cycle with temperature lag, and a constant elasticity of marginal damages with…
Intergenerational Inequality Aversion, Growth, and the Role of Damages: Occam’s Rule for the Global Carbon Tax
- EconomicsJournal of the Association of Environmental and Resource Economists
- 2016
We derive a simple rule for a nearly optimal carbon tax that can be implemented and tested in a decentralized market economy. Our simple rule depends on the effect of the pure rate of time…
Optimal Taxes on Fossil Fuel in General Equilibrium
- Economics
- 2011
We analyze a dynamic stochastic general-equilibrium (DSGE) model with an externality—through climate change—from using fossil energy. Our central result is a simple formula for the marginal…
What is the 'Damages Function' for Global Warming - and What Difference Might it Make?
- Economics
- 2010
The existing literature on climate change offers little guidance on why one specification or another of a "damages function" has been selected. Ideally, one wants a functional form that captures…