Seminario de investigación del GIDE: "A Ramsey Model with Environmental Externalities and Firm Heterogeneity"

El Grupo de Investigación en Dinámica Económica de la FCEA invita a participar del seminario de investigación titulado "A Ramsey Model with Environmental Externalities and Firm Heterogeneity" por Elvio Accinelli, Juan Gabriel Brida y Gaston Cayssials.

La actividad se llevará a cabo el jueves 27 de agosto, a las 11 horas, en modalidad virtual a través de la plataforma Zoom.
Para obtener el enlace de acceso a los seminarios virtuales deben comunicarse al correo Esta dirección de correo electrónico está siendo protegida contra los robots de spam. Necesita tener JavaScript habilitado para poder verlo.

Resumen

This paper develops a dynamic Ramsey model with environmental externalities and heterogeneous firms. Firms differ in productivity and emissions intensity, implying that production decisions generate heterogeneous environmental consequences. Aggregate production generates pollution that accumulates over time and reduces welfare through environmental damages. A social planner chooses consumption, capital accumulation, and the allocation of resources across heterogeneous firms to maximize intertemporal welfare. We characterize the optimal allocation and derive the corresponding environmental extensions of the Ramsey Euler equation and the Golden Rule condition. In contrast to standard growth models with a representative firm, capital accumulation depends not only on productive returns but also on the environmental consequences associated with the composition of production. We characterize the decentralized equilibrium and show how environmental regulation affects both aggregate investment and the allocation of capital across firms with different emissions intensities. An optimal Pigouvian tax decentralizes the planner’s allocation by aligning private and social returns to production. The model highlights the importance of firm heterogeneity for understanding how environmental constraints shape capital accumulation, production composition, and the transition dynamics toward a sustainable growth path.