The growth rate of total factor productivity seems to have increased recently, at least in the United States. Higher US productivity growth may justify higher stock market valuations than in the past and thus herald an emerging New Economy. However, the size of the estimated growth rate of total...

This paper looks empirically at the implications that protectionist measures implemented during the current crisis may have had for a country's ability to attract foreign direct investment. The research utilizes data on such measures that is available from Global Trade Alert, combined with...

Previous versions of the FUND model assumed, like many integrated assessment models, that the carbon cycle is independent of climate change. I here introduce a feedback through which warming leads to higher net emissions. This increases the atmospheric concentration of carbon dioxide in the year...

Global climate change will increase outdoor and indoor heat loads, and may impair health and productivity for millions of working people. This study applies physiological evidence about effects of heat, climate guidelines for safe work environments, climate modelling and global distributions of...

I review the literature on the economic impacts of climate change, an externality that is unprecedentedly large, complex, and uncertain. Only 14 estimates of the total damage cost of climate change have been published, a research effort that is in sharp contrast to the urgency of the public...

I study the feasibility of stringent targets for stabilizing ambient greenhouse gas concentrations. Climate policy has diminishing returns, and there is therefore a maximum to what can be achieved. The success of climate policy is hampered if the terrestrial biosphere turns from a carbon sink to...

We impute a global social welfare function that is consistent with the burden sharing in the Kyoto Protocol and in two proposals for a post-Kyoto treaty. The Kyoto Protocol favored the EU. The Frankel proposal for a post-Kyoto treaty continues the favorable treatment of the EU, while the EU...

It is well-known that the discount rate is crucially important for estimating the social cost of carbon, a standard indicator for the seriousness of climate change and desirable level of climate policy. The Ramsey equation for the discount rate has three components: the pure rate of time...