derive a general analytic formula for the "risk premium" governing the resulting climate policy. The formula generalizes … simple precautionary savings analysis to more complex economic interactions and it builds the economic intuition for policy … making under uncertainty. It clarifies the distinct roles of risk aversion, prudence, characteristics of the damage …

In this paper we assess the implications of precautionary savings for global imbalances by considering a world economy …

In this paper we assess the implications of precautionary savings for global imbalances by considering a world economy …

We provide a quantitative theory of deflation and secular stagnation. In our lifecycle framework, an aging population … puts persistent downward pressure on the price level, real interest rates, and output. A novel feature of our theory is …