Show simple item record

dc.contributor.author
Bretschger, Lucas
dc.contributor.author
Schäfer, Andreas
dc.date.accessioned
2019-05-29T10:25:35Z
dc.date.available
2017-06-12T17:00:48Z
dc.date.available
2017-11-30T08:18:14Z
dc.date.available
2019-05-29T10:25:35Z
dc.date.issued
2016-06
dc.identifier.uri
http://hdl.handle.net/20.500.11850/123531
dc.identifier.doi
10.3929/ethz-a-010656890
dc.description.abstract
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.
en_US
dc.format
application/pdf
en_US
dc.language.iso
en
en_US
dc.publisher
ETH Zurich, Center of Economic Research (CER-ETH)
en_US
dc.rights.uri
http://rightsstatements.org/page/InC-NC/1.0/
dc.subject
Clean production
en_US
dc.subject
Multiple equilibria
en_US
dc.subject
History vs. expectations
en_US
dc.subject
Energy transformation
en_US
dc.subject
Endogenous markups
en_US
dc.title
Dirty history versus clean expectations: Can energy policies provide momentum for growth?
en_US
dc.type
Working Paper
dc.rights.license
In Copyright - Non-Commercial Use Permitted
dc.date.published
2016
ethz.journal.title
Economics Working Paper Series
ethz.journal.volume
16/250
en_US
ethz.size
40 p.
en_US
ethz.code.ddc
DDC - DDC::3 - Social sciences::330 - Economics
en_US
ethz.code.ddc
DDC - DDC::3 - Social sciences::333.7 - Natural resources, energy and environment
en_US
ethz.code.jel
JEL - JEL::Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics::Q4 - Energy::Q43 - Energy and the Macroeconomy
en_US
ethz.code.jel
JEL - JEL::O - Economic Development, Innovation, Technological Change, and Growth::O4 - Economic Growth and Aggregate Productivity::O44 - Environment and Growth
en_US
ethz.code.jel
JEL - JEL::Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics::Q5 - Environmental Economics::Q50 - General
en_US
ethz.code.jel
JEL - JEL::O - Economic Development, Innovation, Technological Change, and Growth::O1 - Economic Development::O11 - Macroeconomic Analyses of Economic Development
en_US
ethz.publication.place
Zurich
en_US
ethz.publication.status
published
en_US
ethz.leitzahl
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.
en_US
ethz.leitzahl
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::03635 - Bretschger, Lucas / Bretschger, Lucas
en_US
ethz.leitzahl.certified
ETH Zürich::00002 - ETH Zürich::00012 - Lehre und Forschung::00007 - Departemente::02120 - Dep. Management, Technologie und Ökon. / Dep. of Management, Technology, and Ec.::03635 - Bretschger, Lucas / Bretschger, Lucas
ethz.relation.isPreviousVersionOf
20.500.11850/321776
ethz.date.deposited
2017-06-12T17:00:53Z
ethz.source
ECOL
ethz.source
ECIT
ethz.identifier.importid
imp59366b910e83c92351
ethz.identifier.importid
imp593654ed85efa31139
ethz.ecolpid
eth:49134
ethz.ecitpid
pub:185936
ethz.eth
yes
en_US
ethz.availability
Open access
en_US
ethz.rosetta.installDate
2017-07-31T14:55:56Z
ethz.rosetta.lastUpdated
2019-05-29T10:25:53Z
ethz.rosetta.exportRequired
false
ethz.rosetta.versionExported
true
ethz.COinS
ctx_ver=Z39.88-2004&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.atitle=Dirty%20history%20versus%20clean%20expectations:%20Can%20energy%20policies%20provide%20momentum%20for%20growth?&rft.jtitle=Economics%20Working%20Paper%20Series&rft.date=2016-06&rft.volume=16/250&rft.au=Bretschger,%20Lucas&Sch%C3%A4fer,%20Andreas&rft.genre=preprint&
 Search print copy at ETH Library

Files in this item

Thumbnail

Publication type

Show simple item record