Optimal growth under a climate constraint

Jean-Pierre Amigues and Michel Moreaux

No 13-436, TSE Working Papers from Toulouse School of Economics (TSE)

Abstract: Inside a standard growth model with exhaustible resources, we study the optimal growth policy of an economy submitted to a climate constraint, taking the form of a ceiling over admissible atmospheric carbon concentrations. The optimal scenario is a three phases path: a rise of carbon concentrations until the carbon cap is attained followed by a time phase constrained by the ceiling on possible emissions and a last unconstrained phase of resource depletion. Depending upon the primitives of the model we show that the optimal path may be of two main kinds: paths characterized by a positive growth of the economy and paths corresponding to a complex structural adjustment process involving negative growth during some time interval.

Keywords: Carbon pollution; economic growth; exhaustible resources (search for similar items in EconPapers)
JEL-codes: Q00 Q32 Q43 Q54 (search for similar items in EconPapers)
Date: 2013-01
New Economics Papers: this item is included in nep-dge, nep-ene, nep-env and nep-fdg
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Citations: View citations in EconPapers (6)

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Related works:
Working Paper: Optimal growth under a climate constraint (2013)
Working Paper: Optimal growth under a climate constraint (2013)
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