We study the effectiveness of climate change policy in a model with multiple non-renewable resources that differ in their carbon content. We find that, when allowing some time between announcement and implementation of a cap on carbon dioxide emissions, emissions from non-renewable energy...

The United States finds itself at a critical juncture, as environmental degradation and resource depletion threaten the capacity of the economy to generate wealth for the indefinite future. Despite growing awareness of the need to build a sustainable economy, U.S. output continues to be...

Trade with differentiated goods normally provides a form of insurance against disasters, such as floods and fires, through an increasing relative price of goods from the afflicted country. With open access renewable resources this is reversed. A country hit by a negative shock recovers faster if...