This paper quantifies the macroeconomic impacts of the Kyoto Protocol's Clean Development Mechanism (CDM) employing a computable general equilibrium model of international trade and energy use. We incorporate project-based CDM supply data in order to assess the relative importance of transaction...

In view of the controversial policy debate on “green” growth and corresponding stimulus packages we empirically investigate the production effects of environmental investment as well as of environmental and energy expenditures. Using a panel dataset of German manufacturing sectors our...