We offer a new method to characterized cointegration properties of higher orders. This method relies on a very simple device. We first examine the question in a deterministic framework, where cointegration porperties pertains to rate of growth. We relate these properties to the structure of the...

International differences in fuel taxation are huge, and may be justified by different local negative externalities that taxes must correct, as well as by different preferences for public spending. In this context, should a worldwide unique carbon tax be added to these local taxes to correct the...

We study the optimal extraction of two non-renewable resources when extraction costs depend on cumulative previous extraction. We first define a complete user cost of natural resources, including environmental damages, which allows us to greatly simplify the resolution. This framework is applied...