This paper reviews recent research on the aggregation of heterogeneous time preferences. Main results are illustrated in simple Ramsey models with two or three agents who differ in their discount factors. We employ an intertemporal view on these models and argue that preferences of a decision...

The global financial crisis of 2007–2008, consequences of which continue to adversely affect the world economy, is often called a «Minsky crisis». A prominent American economist Hyman Philip Minsky studied capitalist economic system paying special attention to its major properties, in...

This paper reviews recent research on the aggregation of heterogeneous time preferences. Main results are illustrated in simple Ramsey models with two or three agents who differ in their discount factors. We employ an intertemporal view on these models and argue that preferences of a decision...

The global financial crisis of 2007–2008, consequences of which continue to adversely affect the world economy, is often called a ‘Minsky crisis’. A prominent American economist Hyman Philip Minsky studied capitalist economic system paying special attention to its major properties, in...

We derive the optimal contributions to global climate policy when countries differ with respect to income level and pollution intensity. Countries' growth rates are determined endogenously, and abatement efficiency is improved by technical progress. We show that country heterogeneity has a...

We analyze the impact of carbon prices on human capital accumulation, sectoral change, and economic growth. In our framework output is produced with dirty and/or clean technologies using skilled and unskilled labor as inputs. Carbon policy affects technology selection which transmits incentives...