Showing 1 - 10 of 42
This study assesses the impact of European emission allowances (EUA) prices on stock prices of all companies in the StoxxEurope Total Market Index belonging to sectors regulated by the European Union Emission Trading Scheme (EU ETS). The effect of allowance prices on stock prices is found to be...
Persistent link: https://www.econbiz.de/10011348877
The optimal transition to a low-carbon economy must account for adjustment costs in switching from dirty to clean capital, technological progress, and economic and climatic shocks. We study the low-carbon transition using a dynamic stochastic general equilibrium model with emissions abatement...
Persistent link: https://www.econbiz.de/10014290049
Integrated assessment models (IAMs) provide key inputs to decision-makers on economically efficient climate policies, and technical change is one of the key assumptions in any IAM that estimates mitigation costs. We conduct a systematic survey of how technical change is currently represented in...
Persistent link: https://www.econbiz.de/10014534381
Lemoine and Rudik (2017) argue that it is efficient to delay reducing carbon emissions, because there is substantial inertia in the climate system. However, this conclusion rests upon misunderstanding the relevant climate physics: there is no substantial lag between CO2 emissions and warming,...
Persistent link: https://www.econbiz.de/10012018105
We show that several of the most important economic models of climate change produce climate dynamics inconsistent with the current crop of models in climate science. First, most economic models exhibit far too long a delay between an impulse of CO2 emissions and warming. Second, few economic...
Persistent link: https://www.econbiz.de/10012207887
Persistent link: https://www.econbiz.de/10012606467
Persistent link: https://www.econbiz.de/10009497335
This article reviews the existing literature on the European Union Emission Trading Scheme (EU ETS), focusing on empirical ex-post research since the end of the first period (2007). The literature is presented through a multi-criteria evaluation. Concerning environmental effectiveness, despite...
Persistent link: https://www.econbiz.de/10011049356
How high should we build a dyke today, knowing that it will serve for more than 50 years? This depends on the unconditional probability distribution of future temperatures. We review the literature on estimates of future emissions for current policy scenarios and current pledge scenarios....
Persistent link: https://www.econbiz.de/10014076625
Lemoine and Rudik (2017) argue that it is efficient to delay reducing carbon emissions, because there is substantial inertia in the climate system. However, this conclusion rests upon misunderstanding the relevant climate physics: there is no substantial lag between CO2 emissions and warming,...
Persistent link: https://www.econbiz.de/10012892116