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With the recent progress in Bonn and Marrakech on the details required for implementing the Kyoto Protocol, entry into force in 2003 is now a possibility. This paper assesses the potential macroeconomic impacts of the Kyoto Protocol, given the recent negotiated developments. In addition, given the recent attempts in the literature to model endogenous technical change in general equilibrium models, a new methodology for incorporating the induced innovations hypothesis into a general equilibrium model is described and implemented. In line with previous work, it is found that incorporation of the hypothesis reduces abatement costs. |
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