investment in exploration capital with intertemporal adjustment costs, depletion of reserves and market capitalization, and … reserves will be stranded at the end of the fossil era. Second, this will be true for exploration capital too. Third … physical and natural capital. Fourth, if timing and intensity of climate policy are uncertain, revaluation of assets occurs as …

The macroeconomic effects on growth, investment and private sector employment of different ways of rolling back the … capital stock and a fall in employment. Cutting public employment or the income tax rate leads, in contrast, to a lower wage …, a higher interest rate and a higher capital stock. Employment rises on impact. If the extra revenues of rolling back the …

with insecure property rights, we analyze how resources are transformed into productive capital to sustain consumption. We … allow property rights to improve as the country transforms natural resources into capital. The ensuing power struggle about … result, the country substitutes away from resources to capital too rapidly and invests more than predicted by the Hartwick …