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Jueves 9 de octubre | 12:30 p.m.
Presenta: Maria Pia Paganelli - Trinity University.
From dull to cheerful: the relevance of Adam Smith for today
Is there a secret recipe for economic growth? No, but we can extrapolate some pieces of advice from Adam Smith. An economy can leave behind its “dull” stagnant state and grow when its markets expand, when the productivity of its workers increases thanks to high compensations which are seen as incentives to work harder, and when lobbying and cronyism are kept at bay. Luck plays a role too, but these three ingredients are necessary, even if not sufficient, for an economy to grow and thus be “cheerful.”
Jueves 16 de octubre | 12:30 p.m.
Presenta: Elisa Belfiori - Professor, School of Business, Universidad Torcuato Di Tella.
Coautor: Manuel Macera, Economics Department, Universidad Torcuato Di Tella
Optimal Climate Policy with Demographic Transitions
This paper develops a framework to integrate demographic change into climate policy analysis. We build an overlapping-generations climate-economy model with a rich demographic structure, allowing population growth and survival probabilities to vary over time. These features endogenously determine the age composition of society and shape aggregate preferences over time. A central result of our framework is an aggregation result: despite the heterogeneity across cohorts, the planner’s problem can be recast as a representative-agent model with a time-varying social discount factor that reflects demographic dynamics. Notably, as the population ages, the discount factor declines, causing society to behave as if it were more impatient. We use this framework to study how current global demographic trends affect the social cost of carbon—the model-based measure of the economic cost of climate change. We find that this cost is significantly higher under medium- and high-fertility scenarios, driven by greater emissions from larger populations. These effects are partially offset by higher discounting in aging societies. Relative to a benchmark model with no demographic change, the initial social cost of carbon rises by 20% under medium fertility and by 57% under high fertility. Global temperatures also increase more sharply in these scenarios, suggesting that demographic trends will exacerbate the climate problem.
Jueves 23 de octubre | 12:30 p.m.
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Presenta: Giorgio Chiovelli
Jueves 30 de octubre | 12:30 p.m.
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Presenta: Daniel Mejía y Álvaro Riascos - Universidad de los Andes
Jueves 6 de noviembre | 12:30 p.m.
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Presenta: Vitor Possebon
Jueves 13 de noviembre | 12:30 p.m.
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Presenta: Rachid Laajaj - Universidad de los Andes
Jueves 27 de noviembre | 12:30 p.m.
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Presenta: Román Andrés Zárate - Universidad de los Andes