We explore the consequences of losing confidence in the price-stability objective of central banks by quantifying the inflation and deflationary biases in inflation expectations. In a model with an occasionally binding zero-lower-bound constraint, we show that an inflation bias as well as a...

I analyze energy-efficiency policy as a prescription of a minimum-efficiency standard for energy-using household goods like cars, building insulation, and home appliances. Such a policy has two effects. At the intensive margin, a household that invests will choose a more efficient device. At the...

Nowadays Russian government pays a lot of attention to solutions of the high energy intensive production system in the country. The key factors of low efficiency of regional energy saving programs is the lack of approved standards and algorithms in the area of energy audit. In practice, both...