Meno di un minuto

In this FEEM seminar, Christian Gollier – Director of the Toulouse School of Economics – presents a paper that examines the term structures of interest rates and risk premia when the random walk of economic growth is affected by some parametric uncertainty. The original findings of this study are then applied to the evaluation of climate change policy, and the authors argue in particular that the beta of actions to mitigate climate change is relatively large, so that the term structure of the risk-adjusted discount rates should be increasing.

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