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Optimum growth and carbon policies with lags in the climate system

Abstract:

We study the effects of greenhouse gas emissions on optimum growth and climate policy by using an endogenous growth model with polluting non-renewable resources. Climate change harms the capital stock. Our main contribution is to introduce and extensively explore the naturally determined time lag between greenhouse gas emission and the damages due to climate change, which proves to be crucial for the transition of the economy towards its steady state. The social optimum and the optimal abatem...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
OxCarre Papers
Publication date:
2014-08-25
Paper number:
144
Keywords:
Pubs id:
1143682
Local pid:
pubs:1143682
Deposit date:
2020-12-15

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