| 来源类型 | Working papers |
| 规范类型 | 论文 |
| DOI | 10.3929/ethz-a-010656890 |
| Dirty history versus clean expectations: Can energy policies provide momentum for growth? | |
| Bretschger, Lucas; Schä; fer, Andreas | |
| 发表日期 | 2016-06 |
| 出版者 | ETH Zurich, Center of Economic Research (CER-ETH) |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We study the impact of economic policy on the importance of history and expectations for the macroeconomic performance of an economy. In our model the energy mix is based on the conversion of heterogeneous energy sources. Markups over marginal costs are endogenous so that the marginal revenue product of capital becomes non-monotonic in capital. We derive multiple steady states and identify regions in which initial conditions are insufficient as a selection criterion for development. In these situations, pure expectations determine the equilibrium selection process which is crucial for long-run performance. Energy policy affects the interplay between history and expectations by shifting the region where expectations matter and by affecting the location of the equilibria in the dirty and the clean economy. We find that taxes and subsidies should be used simultaneously to guide an energy transition. We argue that expectations and momentum effects are important for the energy transition because they decrease policy costs and thus raise political acceptance. |
| 主题 | Clean production ; Multiple equilibria ; History vs. expectations ; Energy transformation ; Endogenous markups |
| URL | https://www.research-collection.ethz.ch/handle/20.500.11850/123531 |
| 来源智库 | Centre for Energy Policy and Economics (Switzerland) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/266764 |
| 推荐引用方式 GB/T 7714 | Bretschger, Lucas,Schä,fer, Andreas. Dirty history versus clean expectations: Can energy policies provide momentum for growth?. 2016. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| eth-49134-01.pdf（1951KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
| eth-49134-01.jpg（3KB） | 智库出版物 | 限制开放 | CC BY-NC-SA |  浏览 | ||
| 文件名： | eth-49134-01.jpg |
| 格式： | JPEG |
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
