Pricing carbon and adjusting capital to fend off climate catastrophes
The optimal reaction to a potential productivity shock as a consequence of climate tipping is to substantially tax carbon in order to curb the risk of tipping, but to adjust capital as well in order to smooth consumption when tipping occurs. We also allow for conventional marginal climate damages an...
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| Materyal Türü: | Journal article |
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Springer
2018
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Pricing carbon and adjusting capital to fend off climate catastrophes
Baskı/Yayın Bilgisi 2018
Working paper