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. Uncertainty about the future rate of growth of the economy and emissions and the risk of macroeconomic disasters (tail risks) also …
Persistent link: https://www.econbiz.de/10012249287
As reporting GHG emissions becomes mandatory in the financial sector, the methods by which emissions are calculated will grow in importance for their impact on the resulting metric. Progress is underway in both the public and private financial sectors to embed emissions accounting standards, but...
Persistent link: https://www.econbiz.de/10013213971
The New Zealand Emission Trading Scheme (NZ ETS) is the second oldest national ETS in the world and is unique in that it includes forestry as a carbon sink (a source of unit supply). Further, NZ ETS has been subject to many policy changes including a switch from allowing unlimited importation of...
Persistent link: https://www.econbiz.de/10014030168
We examine climate transition risk in New Zealand (NZ) equities given that NZ's greenhouse gas (GHG) emissions are … emissions are added, Fonterra (multinational dairy firm) is most at-risk. An asset pricing analysis shows that only volatility …
Persistent link: https://www.econbiz.de/10012823186
Assessment of climate change policies requires aggregation of costs and benefits over time and across generations, a process ordinarily done through discounting. Choosing the correct discount rate has proved controversial and highly consequential. To clarify past analysis and guide future work,...
Persistent link: https://www.econbiz.de/10014179562
This paper examines the application of quasi-experimental methods in environmental economics. We begin with two observations: (i) standard quasi-experimental methods, first applied in other microeconomic fields, typically assume unit-level treatments that do not spill over across units; (ii)...
Persistent link: https://www.econbiz.de/10014023890
This essay revisits the question of instrument choice for the regulation of externalities in the context of climate change. The central point is that the Pigouvian prescription to equate marginal control costs with the expected marginal benefits of damage reduction should guide the design of...
Persistent link: https://www.econbiz.de/10013139396
This paper finds that it is optimal to start a long-term emission-reduction strategy with significant short-term abatement investment, even if the optimal carbon price starts low and grows progressively over time. Moreover, optimal marginal abatement investment costs differ across sectors of the...
Persistent link: https://www.econbiz.de/10011882054
the risk-adjusted interest rate. Adding damages leads to a higher carbon price that grows more slowly. But as temperature …
Persistent link: https://www.econbiz.de/10013226501
price rises at the risk-adjusted interest rate. Adding damages leads to a higher carbon price that grows more slowly. But as …
Persistent link: https://www.econbiz.de/10013226653