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Environmental Regulation, Investment Timing, and Technology Choice

Gray, Wayne B. - 1997

spending at existing plants. However, pollution abatement investment is significantly related to productive (non-abatement …) investment. Plants with high abatement investment spend less on productive capital. The magnitude of the impact corresponds to … nearly complete crowding out of productive investment by abatement investment. Examining investment timing, we find that …

Persistent link: https://www.econbiz.de/10012472781

To Starve or to Stoke? : Understanding Whether Divestment vs. Investment Can Steer (Green) Innovation

Pless, Jacquelyn - National Bureau of Economic Research - 2023

More than 1,500 organizations and investors representing over $40 trillion in assets have committed to fossil fuel divestment to combat climate change. Will it work? This chapter explores whether divestment might induce green innovation, a critical component of transitioning to a cleaner...

Persistent link: https://www.econbiz.de/10014226139

Environmental Preferences and Technological Choices : Is Market Competition Clean or Dirty?

Aghion, Philippe - 2020

quantify the theory, we bring together patent data, survey data on environmental values, and competition measures. Using a …

Persistent link: https://www.econbiz.de/10012481879

Transition to Clean Technology

Acemoglu, Daron - 2014

We develop a microeconomic model of endogenous growth where clean and dirty technologies compete in production and innovation--in the sense that research can be directed to either clean or dirty technologies. If dirty technologies are more advanced to start with, the potential transition to...

Persistent link: https://www.econbiz.de/10012457923

Why Unions Survive : Understanding How Unions Overcome The Free-Rider Problem

Murphy, Richard - 2019

This paper provides evidence for why individuals join unions instead of free-riding. I model membership as legal insurance. To test the model, I use the incidence of news stories concerning allegations against teachers in the UK as a plausibly exogenous shock to demand for such insurance. I find...

Persistent link: https://www.econbiz.de/10012479874

Riders on the Storm

Jordà, Òscar - 2019

Interest rates in major advanced economies have drifted down and in greater unison over the past few decades. A country's rate of interest can be thought of as reflecting movements in the global neutral rate of interest, the domestic neutral rate, and the stance of monetary policy. Only the...

Persistent link: https://www.econbiz.de/10012480206

Informational Rents, Macroeconomic Rents, and Efficient Bailouts

Philippon, Thomas - 2011

We analyze government interventions to alleviate debt overhang among banks. Interventions generate two types of rents. Informational rents arise from opportunistic participation based on private information while macroeconomic rents arise from free riding. Minimizing informational rents is a...

Persistent link: https://www.econbiz.de/10012461931

On the Desirability of Fiscal Constraints in a Monetary Union

Chari, V.V. - 2004

The desirability of fiscal constraints in monetary unions depends critically on whether the monetary authority can commit to follow its policies. If it can commit, then debt constraints can only impose costs. If it cannot commit, then fiscal policy has a free-rider problem, and debt constraints...

Persistent link: https://www.econbiz.de/10012468461

Time Consistency and Free-Riding in a Monetary Union

Chari, V. V. - 2002

We analyze the setting of monetary and nonmonetary policies in monetary unions. We show that in these unions a time inconsistency problem in monetary policy leads to a novel type of free- rider problem in the setting of nonmonetary policies, such as labor market policy, fiscal policy, and bank...

Persistent link: https://www.econbiz.de/10012469333

Riding the Credit Boom

Hansman, Christopher - 2018

Research on leverage and asset-price fluctuations focuses on the direct effect of lax bank lending enabling financially-constrained investors to take excessive risks. Ignored are unconstrained investors speculating on higher prices during credit booms. To identify these two effects, we utilize...

Persistent link: https://www.econbiz.de/10012453131

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