Considering the costs and risks of inaction, ambitious action to reduce greenhouse gas emissions is economically rational. However, success in abating world emissions will ultimately require a least-cost set of policy instruments that is applied as widely as possible across all emission sources...

This paper analyses the factors influencing the price of oil and its likely evolution over the next quarter century. It begins by investigating the fundamental forces shaping long-term oil price developments, highlighting the importance of growth-led demand for oil, particularly that emanating...

The Kyoto Protocol covers emissions of a range of greenhouse gases. Yet, most attempts to quantify the economic impact of implementing the Protocol’s emission targets for the period 2008-12 have focused exclusively on CO2 emissions. This paper extends previous OECD analysis confined to CO2...

This paper uses the WITCH model, a computable general equilibrium model with endogenous technological change, to explore the impact of various climate policies on energy technology choices and the costs of stabilising greenhouse gas concentrations. Current and future expected carbon prices...

The strong and sustained rise in oil prices observed in recent years poses a challenge to monetary policy and its ability to simultaneously achieve low inflation and stable output. Against this background, the paper studies monetary policy in a small open economy New Keynesian DSGE model...

In recent years economists have come to see rich natural resource endowments as a ?curse? or ?precious bane? that inevitably undermines development and slows economic growth. Resource-based development undeniably involves important risks. Nonetheless, the resource curse - if it exists - is at...

This paper develops and applies a simple “conditional growth” framework to make long-term GDP projections for the world economy, taking as a starting point recent empirical evidence about the importance of total factor productivity and human capital in explaining current cross-country...

In December 1997, a number of countries - referred to as the Annex 1 countries - signed the Kyoto Protocol under which they agreed to ceilings on their emissions of greenhouse gases (GHGs). Such unilateral action by a group of countries has often been criticised on the grounds that it could be...

This Working Paper presents a summary description of the OECD ENV-Linkages General Equilibrium model. This model has been developed by the Environment Directorate of the OECD Secretariat in order to assess the economic impact of abating Greenhouse Gases using several different economic...

Enhancing growth through more innovation has become a priority for Austrian policy makers in line with European policies as laid down in the Lisbon Agenda. This paper discusses Austria’s innovation performance, its innovation policies, and general framework conditions for innovation and...