Previous economic research has identified two ways policy to mitigate global climate change could be implemented without minimizing world costs. Costs are boosted when agreements to reduce greenhouse gas emissions are limited to a subset of countries or deadlines for reducing emissions force the...

Changes in energy prices have had sizable but differing effects on economic activity across the United States. The composition of each state's economy largely determines how its employment responds to changes in energy prices. In this article, Stephen Brown and Mine Yucel use simulations based...

Considerable research finds oil price shocks have had major effects on U.S. output and inflation. Several recent studies argue that the response of monetary policy-rather than the oil price shocks themselves-caused the fluctuations in economic activity. Stephen Brown and Mine Yucel show that an...

Nonrenewable natural resources, such as aluminum and crude oil, exist only in fixed amounts on Earth. Consequently, some observers are concerned that natural resource scarcity will eventually limit future economic growth and human well-being. Others remain optimistic that technological change...

In this article, Stephen Brown and Hillard Huntington combine recent studies of world oil markets and the nascent literature on damage estimates from carbon dioxide (CO2) emissions to derive cost and benefit curves for the reduction of these emissions through cooperative programs of oil...

Stephen Brown and Mine Yücel examine how different natural gas users and the market institutions serving them affect the transmission of price changes throughout various markets for natural gas. Electrical utilities and industrial users buy much of their natural gas in a competitive spot market...