Forests can play a major role in climate regulation by reducing levels of carbon dioxide and other greenhouse gases in the atmosphere. Forests also provide a range of other ecological goods and services such as biodiversity and watershed protection and amenity benefits. On the other hand,...

In this paper we propose a novel methodology to analyze optimal policies under model uncertainty in micro-founded macroeconomic models. As an application we assess the relevant sources of uncertainty for the optimal conduct of monetary policy within (parameter uncertainty) and across models...