This article offers an alternative perspective for thinking about climate change policy when the developing countries are not participating. If industrialized countries cooperate with each other to reduce their emissions, but comply at levels below those required under the Kyoto protocol, they...

Energy security and climate change protection have risen to the forefront of energy policy--linked in time and a perception that both goals can be achieved through the same or similar policies. Although such complementarity can exist for individual technologies, policymakers face a tradeoff...

According to recent assessments, the United States has considerably more recoverable natural gas in shale formations than was previously thought. Such a development raises expectations that U.S. energy consumption will shift toward natural gas. To examine how the apparent abundance of natural...

Oil price shocks are thought to have played a prominent role in U.S. economic activity. In this paper, we employ Bayesian methods with a dynamic stochastic general equilibrium model of world economic activity to identify the various sources of oil price shocks and economic fluctuation and to...