Finite resources and the world economy

• 成果类型: Article; Proceedings Paper
• 署名作者: Hassler, John; Krusell, Per; Olovsson, Conny
• 署名单位: Sveriges Riksbank
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2022.103592
• 发表日期: 2022
• 关键词: Energy-savingtechnicalchange; Greenenergy; Finiteresources

摘要

We build and evaluate a global macroeconomic model incorporating natural-resource scarcity. The model features low short-run substitutability between the natural resource and other in-puts, while in the longer run endogenous directed technical change-allowing the economy to save on scarce resources-generates much higher substitutability, with rather stable cost shares. A nontrivial feature of the framework is secularly increasing resource use: initially, when the resource is abundant, much less is used of it, and as physical and human capital are accumulated, its use increases. The model is also able to generate highly volatile prices at higher frequencies. (c) 2022 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).