Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/171547 
Autor:innen: 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Economics Working Paper Series No. 09/104
Verlag: 
ETH Zurich, CER-ETH - Center of Economic Research, Zurich
Zusammenfassung: 
We study a two-phase endogenous growth model in which the adoption of a backstop technology (e.g. solar) yields a sustained supply of essential energy inputs previously obtained from exhaustible resources (e.g. oil). Growth is knowledge-driven and the optimal timing of technology switching is determined by welfare maximization. The optimal path exhibits discrete jumps in endogenous variables: technology switching implies sudden reductions in consumption and output, an increase in the growth rate, and instantaneous adjustments in saving rates. Due to the positive growth e¤ect, it is optimal to implement the new technology when its current consumption bene.ts are substantially lower than those generated by old technologies.
Schlagwörter: 
Backstop technology
Discrete jumps
Endogenous growth
Exhaustible resources
Optimal Control
JEL: 
O33
Q32
Q43
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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