To what extent have national fiscal policies contributed to the decarbonisation of newly sold passenger cars? We construct a simple model that generates predictions regarding the effect of fiscal policies on average CO₂ emissions of new cars, and then test the model empirically. Our empirical...

T o what extent have national fiscal policies contributed to the decarbonisation of newly sold passenger cars? We construct a simple model that generates predictions regarding the effect of fiscal policies on average CO2 emissions of new cars, and then test the model empirically. Our empirical...

I define “generous sustainability” as a combination of two conditions: neither instantaneous maximin income nor attainable maximin income should decrease over time. I provide a formal definition and study applications to an AK economy, a Ramsey economy, and a Climate Economy. Generosity is...

We adopt a new representation of the relationship between emissions and income using long-run growth rates. Our approach allows us to test multiple hypotheses about the drivers of per capita emissions in a single framework and avoid several of the econometric issues that have plagued previous...

The Social Costs of Carbon (SCC) equals the marginal welfare loss associated with one unit of emitted CO2, divided by the marginal welfare gain associated with one unit of consumption. In stochastic assessments, both the nominator and denominator can depend on uncertain parameters; specifically...

Twenty years on from the Rio ’92 conference, we must face the fact that there have been a few successes but more failures. Scientific complexity, uncertainty, short-termism inherent in politics, the free-rider problem, and issues of fairness are part of the explanation for the lack of...

We study the optimal time path for clean energy innovation policy. In a model with emission reduction through clean energy deployment, and with R&D increasing the overall productivity of clean energy, we describe optimal R&D policies jointly with emission pricing policies. We find that while...

The long-run average growth rates of per capita carbon dioxide emissions and GDP per capita are positively correlated, though the rate of emissions intensity reduction varies widely across countries. The conventional approach to investigating these relationships involves panel regression models...

This paper analyses the policy relevance of the dominant uncertainty in our current scientific understanding of the terrestrial climate system, and provides further evidence for the need to radically transform—this century—our global energy supply infrastructure, given the global average...