A carbon tax provides certainty about the price of emissions, but it does so in a context characterized by uncertainty about its environmental benefits, economic costs, and international relations implications. Given current knowledge, suppose that the government sets a carbon tax schedule. In...

The seminal contributions of William Nordhaus to scholarship on the long-run macroeconomics of global climate change are clear. Much more challenging to identify are the impacts of Nordhaus and his research on public policy in this domain. We examine three conceptually distinct pathways for that...

Because of the global commons nature of climate change, international cooperation among nations will likely be necessary for meaningful action at the global level. At the same time, it will inevitably be up to the actions of sovereign nations to put in place policies that bring about meaningful...

The information structure of the climate change policy collaboration problem necessitates the design of institutions to enhance public knowledge about nations’ commitments, policies, and outcomes. The international community has addressed this kind of problem in a wide array of other contexts...