Credible Carbon Policy
分析了碳政策中的可信度问题，列举了近期能源政策中缺乏可信度的案例，并指出不解决此问题的成本。通过类比货币政策，提出设立能源/碳机构来解决时间不一致性。
The paper sets out the credibility problem in carbon policy, provides a number of examples of non-credibility in recent energy policy, and identifies the costs of failing to address it. The time inconsistency of carbon policy—arising because of multiple objectives, the irreversibility of energy investments, and the scope for ex-post reneging on ex-ante commitments to set policy instruments, such as carbon taxes or emission permits, at appropriate levels—is set in a conceptual framework. Analogies with monetary policy are drawn, and a solution to the time-inconsistency problem is proposed through the establishment of an energy/carbon agency.