Greenhouse gas policies confront the trade-off between the costs of reducing emissions and the benefits of avoided climate change. The risk of uncertain and potentially irreversible catastrophes is an important issue related to the latter, and one that has not yet been well incorporated into...

Interest rates are central determinants of saving and investment decisions. Costly financial intermediation distort these price signals by creating a spread between the interest rates on deposits and loans with substantial effects on the supply of funds and the demand for credit. This study...

Global warming reveals that the current evolution of the world consumption is on an unsustainable path. Humankind's insatiable appetite for energy has sparked a new crisis. In a world where climate change has become a proven reality, there lies a deep uncertainty about the physical, economic and...

Global warming reveals that the current evolution of the world consumption is on an unsustainable path. Humankind's insatiable appetite for energy has sparked a new crisis. In a world where climate change has become a proven reality, there lies a deep uncertainty about the physical, economic and...

In a world where climate change has become a proven reality, it is clear that global energy consumption is currently on an unsustainable path. Humankind's insatiable appetite for energy has sparked a new crisis, and there is a deep uncertainty about what the long term physical, economic and...

After twenty years of global negotiations, the world is still far from a comprehensive climate agreement. The "top-down" approach embodied by the Kyoto Protocol has all but stalled, chiefly due to disagreements over levels of ambition and objections to financial transfers. To avoid those...

Economic measures are advanced to environmental problems in EU nations. The economic approach imposes a constant economic load on activities negatively affecting the environment, and it is also a technique for giving a constant profit for activities conserving the environment. The whole society...

We study how public policies affects an economy where production emits pollutants and investment in productive assets raises the economy’s overall productivity. We explore two hypotheses about how the accumulation of pollutants affects human well-being. Under the first one, there is no limit...