Weather experts around the world are foreseeing a strong El Niño in 2014. In India, these developments are feared to lead to droughts. In the last 14 years, out of the four El Niño years globally, three resulted in Indian droughts. Since the 1980s, all the six droughts faced by India were in...

This paper considers the potential inflation effects of a global carbon price on consumer prices, investment prices, export prices, and import prices. We estimate the effects under three different scenarios. The results clearly indicate that the inflation effects in developed countries of a 100...

I provide a framework for understanding debt deleveraging in a group of _nancially integrated countries. During an episode of international deleveraging world consumption demand is depressed and the world interest rate is low, reecting a high propensity to save. If exchange rates are allowed to...

Central bank credit has expanded dramatically since the beginning of 2007 in some of the euro area member countries. This paper makes two contributions to understand this stylized fact. First, we discuss a simple model of monetary policy that includes (i) a credit channel and (ii) a common pool...

The climate crisis is inevitably looming over the horizon. Some countries are much more vulnerable than others to its harshest consequences due to their existing issues of poverty and underdevelopment. At the same time, developmental policies pursue economic growth at the cost of environmental...

With the global crisis, the policy stance around the world has been shaken by massive government and central bank efforts to prevent the meltdown of markets, banks, and the economy. Fiscal packages, in varied sizes, have been adopted throughout the world after years of proclaimed fiscal...

This paper provides a policy analysis of the EU Emissions Trading System and its crisis. The aim of the research is to give an answer to the question why the EU Emissions Trading System is in crisis and cannot be revised in an effective way. Therefore, the policy process of the revision of the...

The purpose of this paper is to consider the dynamics of growth in a two state variable and two control variable model where the environment is taken as a constraint. This captures some elements of environmental problems not covered in the cost approach. It also captures the idea that the...

Sustainability has been largely replaced by discounted utilitarianism in contemporary climate-change economics. Our approach rejuvenates sustainability by expanding the conception of the quality of life, along the lines of the UN Human Development Reports, to include not only consumption, but...