This paper develops a continuous time model of endogenous growth based on innovations in consumption goods. The model considers two types of goods, standard goods (whose production and consumption lead to pollution), and green goods (which have no effect on the environment). In addition to...

This article addresses theoretically the dynamics of innovation and growth paths in an economy producing “standard goods” and emerging “new goods”. We model consumers’ preferences for both types of goods as well as producers’ behaviours in relation with consumers’ decisions. In...

[fre] Les "droits à polluer" aux Etats-Unis . La réglementation américaine en matière d'environnement est particulièrement sévère. Pour la rendre plus flexible et moins coûteuse tout en respectant globalement un objectif de qualité de l'environnement, le législateur a institué des...

[fre] Les instruments des politiques d'environnement . Les problèmes d'environnement peuvent être ramenés à l'analyse du marché de chaque bien concerné : eau, air, espaces naturels... L'inexistence ou l'imperfection des marchés de ces ressources mène souvent à leur sur-exploitation, car...

[fre] L'effet de serre : pourquoi une approche par la tarification ? . L'effet de serre et le réchauffement de la terre semblent appelés à s'accentuer dans l'avenir, d'autant plus rapidement qu'aucune mesure ne sera prise pour limiter les activités à l'origine de l'augmentation de la...

Despite sustained efforts made in recent years to rein in budget deficits, a majority of OECD countries still face substantial public finance consolidation needs. While essential to avoid the disruption and large costs ultimately associated with unsustainable public finances, fiscal...

There is a case, but there are also counter-arguments. With sufficient forward-looking behaviour among firms and households, price-level targeting can act as a powerful built-in stabiliser through automatic shifts in inflation expectations. This stabilisation mechanism reduces the need for large...

The inflation measure used by the European Central Bank excludes housing costs that are borne by home owners even though they make up more than a tenth of household final consumption expenditure in the euro area. Has the exclusion of owner-occupied housing costs driven a wedge between the...

The 2005 reform of the EU Stability and Growth Pact has provided leeway for governments to let their fiscal deficit temporarily breach the 3% rule to finance the immediate budgetary cost of structural reform, such as compensation schemes to offset redistributive effects. Against this backdrop,...