It is widely acknowledged that introducing a price on carbon represents a crucial precondition for filling the current gap in low-carbon investment. However, as this paper argues, carbon pricing in itself may not be sufficient. This is due to the existence of market failures in the process of...

The expansion of the share of economic activity taking place in sectors with low or no impact on ecological resources is a crucial component of the transition to a low-carbon society. This �green� structural change is analyzed here by means of a growth model with a...

Transitioning to a low-carbon economy will require significant investment to transform energy systems, alter the built environment and adapt infrastructure. A strategy to finance this investment is needed if the limit of a 2�C increase in global mean temperatures is to be respected. Also,...

Recent international environmental negotiations have highlighted the importance of establishing a commonly agreed approach to attribute climate change responsabil- ities. In this paper I investigate how choices on allocation mechanisms are likely to affect optimal abatement effort paths and...

In this paper I investigate the role of an increasingly demanded class of green services, characterised by having strong roots in local communities, high human labour intensity, flat labour productivity growth and a low impact on the environment. In order to do so, I build an endogenous growth...

This paper presents a small macroeconomic model describing the main mechanisms of the process of creation by the private banking system. The model is composed of a core unit—where the dynamics of income, credit and aggregate demand are determined—and a set of sectoral accounts that ensure...

An expansion of economic activities with low impact on ecological resources is a crucial component of the transition to a low-carbon society. “Green” structural change is analysed here through a model with a “progressive” manufacturing sector and a “stagnant” service sector. The...

Transitioning to a low-carbon economy will require significant investment to transform energy systems, alter the built environment and adapt infrastructure. A strategy to finance this investment is needed if the limit of a 2°C increase in global mean temperatures is to be respected. Also,...

We present an example of how public policies affect the evolution of the economy by influencing consumption habits, life styles and work attitudes. In particular, we show that governments can boost long-run growth by moving public investment away from collective transportation systems and...

This paper presents a small macroeconomic model describing the main mechanisms of the process of credit creation by the private banking system. The model is composed of a core unit--where the dynamics of income, credit, and aggregate demand are determined--and a set of sectoral accounts that...