Stranded assets, the social cost of carbon, and directed technical change: macroeconomic dynamics of optimal climate policy
The tractable general equilibrium model developed by Golosov et al. (2014), GHKT for short, is modified to allow for stock-dependent fossil fuel extraction costs and partial exhaustion of fossil fuel reserves, a negative impact of global warming on growth, mean reversion in climate damages, steady l...
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| Format: | Working paper |
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University of Oxford
2016
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