Research
Book | This book explores the myriad challenges of climate change and in reaching a low-carbon economy. It develops a framework for dynamic macroeconomic modeling for the climate-economy interaction, presents empirical trends in carbon-emitting resource use, and discusses policy strategies for sustainable growth under global climate change constraints.
Paper | Over the last few years, economists have focused on the long-run effects of persistent shocks on economic output. In this paper, we use a small-scale macroeconomic model to show how the macroeconomy adjusts to a deep contraction and how credit dynamics, along with the monetary policy design, may influence the extent of these scars through numerical simulations.
Paper | Recent controversies over the impact of an energy embargo on Russia triggered by Russia’s war in Ukraine have focused on reducing dependence on fossil fuels and reorganizing energy supplies. This German- language paper presents a model-based econometric framework to estimate both the short-term effects of fossil energy shortages and long-term effects of different climate policy measures on individual sectors of the economy.
The economy-climate interaction and an appropriate mitigation policy for climate protection have been treated in various types of scientific modeling. This paper focuses on the seminal work by Nordhaus on the economy-climate link and extends that model to include optimal policies for mitigation, adaptation, and infrastructure investment studying the dynamics of the transition to a low fossil-fuel economy.
The green bond market is emerging as an impactful financing mechanism in climate change mitigation efforts. The effectiveness of the financial market for this transition to a low-carbon economy depends on attracting investors and removing financial market roadblocks.
The issue of who is responsible for funding climate mitigation and adaptation is central to climate negotiations.
The shale industry’s poor market position is due to both external market forces and questionable business practices.
Working paper — This working paper clarifies one of the most important aspects in evaluating the SCC in IAMs - the damage function - which maps environmental changes to economic impacts.
