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View article: Using Machine Learning to Compute Constrained Optimal Carbon Tax Rules
Using Machine Learning to Compute Constrained Optimal Carbon Tax Rules Open
We develop a computational framework for deriving Pareto-improving and constrained optimal carbon tax rules in a stochastic overlapping generations (OLG) model with climate change. By integrating Deep Equilibrium Networks for fast policy e…
View article: A Lagrangian Approach to Optimal Lotteries in Non-Convex Economies
A Lagrangian Approach to Optimal Lotteries in Non-Convex Economies Open
We develop a new method to efficiently solve for optimal lotteries in models with non-convexities. To employ a Lagrangian framework, we prove that the value of the saddle point that characterizes the optimal lottery is the same as the valu…
View article: Build your own! From tailored box-model climate emulators to pattern scaling
Build your own! From tailored box-model climate emulators to pattern scaling Open
Efficient and interpretable carbon-cycle emulators (CCEs) as part of climate emulators play a key role in Integrated Assessment Models. We present a framework enabling economists to custom-build purpose-tailored multi-reservoir linear box-…
View article: Building Interpretable Climate Emulators for Economics
Building Interpretable Climate Emulators for Economics Open
We introduce a framework for developing efficient and interpretable climate emulators (CEs) for economic models of climate change. The paper makes two main contributions. First, we propose a general framework for constructing carbon-cycle …
View article: Can today’s and tomorrow’s world uniformly gain from carbon taxation?
Can today’s and tomorrow’s world uniformly gain from carbon taxation? Open
Climate change will impact current and future generations in different regions very differently. This paper develops a large-scale, annually calibrated, multi-region, overlapping generations model of climate change to study its heterogeneo…
View article: Identification in general equilibrium
Identification in general equilibrium Open
This survey covers the developments in the theory of the recoverability of unobserved fundamentals from observable variables in general equilibrium models. Concretely, suppose one observes equilibrium prices that vary with the profiles of …
View article: Low Risk-Free Rates and Intertemporal Arbitrage
Low Risk-Free Rates and Intertemporal Arbitrage Open
We examine asset prices in environments where the risk-free rate lies considerably below the growth rate.To do so, we introduce a tractable model of a production economy featuring heterogeneous trading technologies, as well as idiosyncrati…
View article: Uniformly self-justified equilibria
Uniformly self-justified equilibria Open
We consider dynamic stochastic economies with heterogeneous agents and introduce the concept of uniformly self-justified equilibria (USJE)—temporary equilibria for which expectations satisfy the following rationality requirements: i) indiv…
View article: Stochastic overlapping generations with non-convex budget sets
Stochastic overlapping generations with non-convex budget sets Open
Non-convexities and discrete choices have become important modeling tools in modern macroeconomics. Unfortunately, the existence of competitive equilibria in the presence of such non-convexities is not always ensured, and most results on t…
View article: Simple climate emulators - fit for net-zero emission scenarios?
Simple climate emulators - fit for net-zero emission scenarios? Open
Simple climate models or climate emulators (CEs) are indispensable in the context of climate economics, where the lion share of compute resources is bound to the economic part of the problem. Associated applications traditionally focused o…
View article: Climate uncertainty, financial frictions and constrained efficient carbon taxation
Climate uncertainty, financial frictions and constrained efficient carbon taxation Open
In this paper, I consider a simple heterogeneous agents model of a production economy with uncertain climate change and examine constrained efficient carbon taxation. If there are frictionless, complete financial markets, the simple model …
View article: Pareto-Improving Carbon-Risk Taxation
Pareto-Improving Carbon-Risk Taxation Open
Anthropogenic climate change produces two conceptually distinct negative economic externalities. The first is an expected path of climate damage. The second, which is this paper's focus, is an expected path of economic risk. To isolate the…
View article: The climate in climate economics
The climate in climate economics Open
<p>We develop a generic and transparent calibration strategy for simple climate models used in economics. The goal is to choose the free model parameters such as to best match the output of large-scale Earth System Models from the Co…
View article: Exact inference from finite market data
Exact inference from finite market data Open
We develop conditions under which individual choices and Walrasian equilibrium prices and allocations can be exactly inferred from finite market data. First, we consider market data that consist of individual demands as prices and incomes …
View article: Exact inference from finite market data
Exact inference from finite market data Open
We develop conditions under which individual choices and Walrasian equilibrium prices and allocations can be exactly inferred from finite market data. First, we consider market data that consist of individual demands as prices and incomes …
View article: When Interest Rates Go Low, Should Public Debt Go High?
When Interest Rates Go Low, Should Public Debt Go High? Open
Is deficit finance free when real borrowing rates are routinely lower than growth rates?Specifically, can the government make all generations better off by perpetually taking from the young and giving to the old?We study this question in s…
View article: Deficit Follies
Deficit Follies Open
Deficit finance is free when the growth rate routinely exceeds the government's borrowing rate.Or so many people say.This note presents three counterexamples.Each features a simple OLG economy with a zero growth rate and a negative governm…