to those in the rest of the world, any uncertainty over these costs will cause the social planner to optimally delay … traditional framework, the presence of an irreversible investment and uncertainty can help nudge the decision maker to preserve an …-renewable resource model, the arbitrage condition underpinning the Hotelling rule suggests that in the absence of uncertainty, the …

expected welfare than "flat" emission standards given uncertainty in demand for output (or attributes), assuming locally …

This paper studies the macroeconomic effects of energy price shocks in energy-importing economies using a heterogeneous …-agent New Keynesian model. When MPCs are realistically large and the elasticity of substitution between energy and domestic … goods is realistically low, increases in energy prices depress real incomes and cause a recession, even if the central bank …

different nested structures of input factors: capital, labor with or without human capital adjustment, and energy using data for …