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Climate Change, Directed Innovation, and Energy Transition : The Long-run Consequences of the Shale Gas Revolution

Acemoglu, Daron; Aghion, Philippe; Barrage, Lint; … - National Bureau of Economic Research - 2023

We investigate the short- and long-term effects of a natural gas boom in an economy where energy can be produced with coal, natural gas, or clean sources and the direction of technology is endogenous. In the short run, a natural gas boom reduces carbon emissions by inducing substitution away...

Persistent link: https://www.econbiz.de/10014372414

Managing an Energy Shock : Fiscal and Monetary Policy

Auclert, Adrien; Monnery, Hugo; Rognlie, Matthew; … - National Bureau of Economic Research - 2023

done in isolation, but can be powerful when done in coordination with other energy importers by lowering world energy …

Persistent link: https://www.econbiz.de/10014337777

The Impact of Regulation on Innovation

Aghion, Philippe; Bergeaud, Antonin; Van Reenen, John - National Bureau of Economic Research - 2021

Does regulation affect the pace and nature of innovation and if so, by how much? We build a tractable and quantifiable endogenous growth model with size-contingent regulations. We apply this to population administrative firm panel data from France, where many labor regulations apply to firms...

Persistent link: https://www.econbiz.de/10012482599

Opposing firm-level Responses to the China Shock : Horizontal Competition Versus Vertical Relationships?

Aghion, Philippe; Bergeaud, Antonin; Lequien, Matthieu; … - National Bureau of Economic Research - 2021

We decompose the "China shock" into two components that induce different adjustments for firms exposed to Chinese exports: a horizontal shock affecting firms selling goods that compete with similar imported Chinese goods, and a vertical shock affecting firms using inputs similar to the imported...

Persistent link: https://www.econbiz.de/10012616643

Excess Savings and Twin Deficits : The Transmission of Fiscal Stimulus in Open Economies

Aggarwal, Rishabh; Auclert, Adrien; Rognlie, Matthew; … - National Bureau of Economic Research - 2022

We study the effects of debt-financed fiscal transfers in a general equilibrium, heterogeneous-agent model of the world … economy. In the long run, increases in government debt anywhere raise the world interest rate and increase private wealth … are consistent with the evolution of the world's balance of payments since the beginning of the Covid pandemic …

Persistent link: https://www.econbiz.de/10013334403

Demographics, Wealth, and Global Imbalances in the Twenty-First Century

Auclert, Adrien; Malmberg, Hannes; Martenet, Frederic; … - National Bureau of Economic Research - 2021

We use a sufficient statistic approach to quantify the general equilibrium effects of population aging on wealth accumulation, expected asset returns, and global imbalances. Combining population forecasts with household survey data from 25 countries, we measure the compositional effect of aging:...

Persistent link: https://www.econbiz.de/10012616609