Finite resources and the world economy
构建了一个包含自然资源稀缺性的全球宏观经济模型，该模型在短期内自然资源与其他投入替代性低，但长期通过内生定向技术变革实现高替代性，并解释了资源使用长期增长和高频价格波动。
We build and evaluate a global macroeconomic model incorporating natural-resource scarcity. The model features low short-run substitutability between the natural resource and other inputs, while in the longer run endogenous directed technical change—allowing the economy to save on scarce resources—generates much higher substitutability, with rather stable cost shares. A nontrivial feature of the framework is secularly increasing resource use: initially, when the resource is abundant, much less is used of it, and as physical and human capital are accumulated, its use increases. The model is also able to generate highly volatile prices at higher frequencies.