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Working Paper
Race and Environmental Worries
Working Paper
Optimal Fiscal Policies under Market Failures
The aggregate capital stock in a nation can be overaccumulated for many different reasons. This paper studies which policy or policy mix is more effective in achieving the socially optimal (golden rule) level of aggregate capital stock in an infinite-horizon heterogeneous-agents incomplete-markets economy where capital is over-accumulated for two distinct reasons: (i) precautionary savings and (ii) production externalities. By solving the Ramsey problem analytically along the entire transitional path, we show that public debt and capital taxation play very distinct roles in dealing with the ...
Journal Article
Industrial ecology: environmental and economic boon
A movement that began almost accidentally 35 years ago in Denmark is showing that when factories use the waste of other nearby factories as their raw material, advantages to the environment and the local economy abound.
Journal Article
Pricing L.A.'s pollution
Working Paper
Enforcement of pollution regulations in a declining industry
An examination of the effect of EPA enforcement activity as it relates to company plant-closing decisions and company compliance decisions in the U.S. steel industry, finding fewer enforcement actions taken toward plants with an already high probability of closing.
Conference Paper
Environmental protection: a new trade issue
Journal Article
Pollution allowances help clear the air
Swapping of pollution allowances in the marketplace gives utilities greater flexibility in curbing sulfur dioxide emissions and ultimately leads to cleaner air.
Journal Article
Pollution pricing