Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/198774
Authors: 
Mattauch, Linus
Millar, Richard
van der Ploeg, Rick
Rezai, Armon
Schultes, Anselm
Venmans, Frank
Bauer, Nico
Dietz, Simon
Edenhofer, Ottmar
Farrell, Niall
Hepburn, Cameron
Luderer, Gunnar
Pless, Jacquelyn
Spuler, Fiona
FBA, Nicholas Stern
Teytelboym, Alexander
Year of Publication: 
2018
Series/Report no.: 
CESifo Working Paper 7414
Abstract: 
Lemoine and Rudik (2017) argue that it is efficient to delay reducing carbon emissions, because there is substantial inertia in the climate system. However, this conclusion rests upon misunderstanding the relevant climate physics: there is no substantial lag between CO2 emissions and warming, which policy could rely upon. Applying a mainstream climate physics model to the economics of Lemoine and Rudik (2017) invalidates the article’s implications for climate policy: the cost-effective carbon price that limits warming to a range of targets including 2 oC starts high and increases at the interest rate.
JEL: 
H23
Q54
Q58
Document Type: 
Working Paper
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