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We study production capacity and emission permit utilization under joint production of a valued good and an environmental bad, pollution. Firms experience random productivity shocks after factor employment. A cap-and-trade regulation controls pollution emissions. Trade in emission permits entails transactions costs. Under proportional permit trading costs, the equilibrium depends on total per unit...
This paper studies both positive and normative aspects of quantity-based capital controls in a small open economy undergoing a temporary inflation stabilization plan. In the model, capital controls are implemented by choosing two policy variables: a ceiling on the private sector debt and a terminal date for removing controls; the date on which controls trigger and hence its duration are endogenously...
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