Using novel micro data, we explore lifecycle consumption in Sub-Saharan Africa (SSA). We find that households' ability to smooth consumption over the lifecycle is large, particularly, in rural areas. Interestingly, consumption in old age is sustained by shifting to self-farmed staple food, as...

We empirically show that the short-run elasticity of substitution between capital and labor ($\sigma_t$) is countercyclical. In recessions, capital and labor are more substitutable than in expansions. We explore the effects of the countercyclicality of $\sigma_t$ on aggregate fluctuations in the...

We study the behavior of the US labor share over the past 65 years. We find that intellectual property products (IPP) capital entirely accounts for the observed decline of the US labor share, which otherwise is secularly constant for structures and equipment capital. The decline of the labor...

Tea remains the world's most popular commercial drink today, and at the turn of the twentieth century, it represented the largest export industry of both China and colonial India. In analyzing the global competition between Chinese and Indian tea, Andrew B. Liu challenges past economic histories...

This paper examines the effects of emissions trading on firms’ capacity siting choices in the electric sector, considering three programs that are different by their point-of-regulation: source-, load and first-jurisdictional-deliverer approaches. We model each program by assuming electricity...

While cap-and-trade policies have been advocated as an efficient market-based approach in regulating greenhouse gas (GHG) emissions from the power sector, a major criticism is that the resulting GHG emissions permit prices may be volatile, adding one more layer of uncertainty to market...

In order to mitigate climate change, new solutions are being sought by energy companies to reduce CO2 emissions from offshore production facilities. Carbon Capture and Storage (CCS) may be a technically and economically viable alternative option compared to electrification of offshore facilities...

There is an increasing impetus to transform the U.S transportation sector and transition away from the uncertainties of oil supply. One of the most viable current solutions is the adoption of electric vehicles (EVs). These vehicles allow for a transportation system that would be flexible in its...