University of Oxford

Rick van der Ploeg

Research Web Site

To appear

The risk-adjusted carbon price, American Economic Review. With Ton van den Bremer.

Are economists getting climate dynamics right and does it matter?, Journal of the Association of Environmental and Resource Economists. With Simon Dietz, Armon Rezai and Frank Venmans.

Carbon pricing under uncertainty, IIPF Keynote Lecture, Reykjavik, August 2020, International Tax and Public Finance.

Oil discoveries and protectionism: role of news effects, Journal of Environmental Economics and Management. With Fidel Perez-Sebastian and Ohad Raveh.


The risk of policy tipping and stranded carbon assets, Journal of Environmental Economics and Management, 100. With Armon Rezai.

Race to burn the last ton of carbon and the risk of stranded assets, European Journal of Political Economy, 64, 101915.

Stranded assets in the transition to a carbon-free economy, Annual Review of Resource Economics, 12, 281-298 With Armon Rezai.

Discounting and climate policy, Oxford Research Encyclopedia of Economics and Finance, Oxford University Press.


Non-cooperative and cooperative climate policies with anticipated breakthrough technology, Journal of Environmental Economics and Management, 97, 42-66. With Niko Jaakkola.

Redistribution and pollution taxes with non-linear Engel curves, Journal of Environmental Economics and Management, 95, 198-226. With Bas Jacobs.

The shifting natural wealth of nations: the role of market orientation, Journal of Development Economics, 138, 228-245. With Rabah Arezki and Fred Toscanini.

Macro policy responses to natural resource windfalls and the crash in commodity prices, Journal of International Money and Finance, 96, 263-282.

The agnostic’s response to climate sceptics: price carbon!, European Economic Review, 111, 70-84. With Armon Rezai.

Pricing capital and adjusting capital to fend off climate catastrophes, Environmental and Resource Economics, 72, 1, 29-50. With Aart J. de Zeeuw.

Simple rules for climate policy and integrated assessment, Environmental and Resource Economics, 72, 1, 77-108. With Armon Rezai.


Climate tipping and economic growth: precautionary capital and the social cost of carbon, Journal of the European Economic Association, 16, 5, 1577-1617. With Aart J. de Zeeuw.

Political economy of dynamic resource wars, Journal of Environmental Economics and Management, 92, 765-782.

Risk and the Point of No Return for Climate Action, Earth System Dynamics, 9, 1098-1985. With Matthias Aengenheyster, Qing Yi Feng and Henk A. Dijkstra.

The safe carbon budget, Climatic Change, 147, 47-59.

Breakthrough renewables and the Green Paradox, FinanzArchiv (Festschrift in honour of H.-W. Sinn), 74, 1, 52-70.

The simple arithmetic of carbon pricing and stranded assets, Energy Efficiency, 11, 3, 627-639. With Armon Rezai.

Obstacles to climate policy, Environmental Scientist, August, 9-13.


Climate policies under climate model uncertainty: max-min and min-max regret, Energy Economics, 68, S1, 4-16. With Armon Rezai.

Book review of BLOOD OIL – TYRANTS, VIOLENCE and the RULES That RUN the WORLD by Leif Wenar, Oxford University Press, 2016, ISBN 978-0-19-026292-1 (hardback), Economics and Philosophy, 33, 2, 320-325.

Second-best renewable subsidies to de-carbonize the economy: commitment and the Green Paradox, Environmental and Resource Economics, 66, 3, 409-434. With Armon Rezai.

Cumulative emissions, unburnable fossil fuel, and the optimal carbon tax, Technological Forecasting & Social Change, 116, C, 216-222. With Armon Rezai.

Abandoning fossil fuel in an imperfect world: how fast and how much?, Keynote 2016 CGBCR Conference, The Manchester School, S2, e16-e44. With Armon Rezai.

Frontiers of the economics of climate change, Environmental and Resource Economics, 68, 1, 1-14. With Gerard van der Meijden and Cees Withagen.

Challenges in climate change economics, European Economic Review, 99, 1-4. With Cees Withagen.

Russian oil and gas windfalls and the sustainable fiscal stance, Energy Policy, 5, 105(C), 27-40. With Aleksandra Malova.

Harnessing hydrocarbon revenues: a Russian perspective, Vestnik SPbSU, St. Petersburg University Journal of Economic Studies, T33, 3, 4, 348-364. With Aleksandra Malova and Andrey Saltan.

Political economy of the West: populism versus policy wonks, Keynote Lecture, Vestnik SPbSU, St. Petersburg University Journal of Economic Studies, 33, 1, 4-16.


Intergenerational inequality aversion, growth and the role of damages: Occam’s rule for the global carbon tax, Journal of the Association of Environmental and Resource Economists, 3, 2, 499-522. With Armon Rezai.

Second-best carbon taxation in the global economy: the Green Paradox and carbon leakage revisited, Journal of Environmental Economics and Management, 78, 85-105

The Elephant in the ground: managing oil and sovereign wealth, European Economic Review, 82, 113-131. With Ton S. van den Bremer and Samuel Wills.

Non-cooperative and cooperative responses to climate catastrophes in the global economy: A North-South perspective, Environmental and Resource Economics, 65, 3, 519-540. With Aart J. de Zeeuw.

Climate change economics: reacting to multiple tipping points, Nature Climate Change, 6, 442-443.

Saving Alberta’s resource revenues: role of intergenerational and liquidity funds, Energy Policy, 99, 132-146. With Ton S. van den Bremer.

Fossil fuel producers under threat, Oxford Review of Economic Policy, 32, 2, 206-222.

A move South, Finance & Development, 53, 1, 36-39. With Rabah Arezki and Frederik Toscani.

The impact of natural resources – survey of recent quantitative evidence, Journal of Development Studies, 53, 2, 205-216. With Steven Poelhekke.

Potential counter-productivity of second-best climate policies, CESifo Forum, May, 30-31.


Battle for climate and scarcity rents: beyond the linear-quadratic case, Dynamic Games and Applications, 15, 4, 493-522. With Mark Kagan and Cees Withagen.

Global warming and the Green Paradox: a review of adverse effects of climate policy, Review of Environmental Economics and Policy, 9, 2, 285-303. With C. Withagen.

Green Havens and Pollution Havens, The World Economy, 38, 7, 1159-1178. With S. Poelhekke.

International capital markets, oil producers and the Green Paradox, European Economic Review, 76, 275-297. With G. van der Meijden and C. Withagen.

Robustness of a simple rule for the social cost of carbon, Economics Letters, 132, 48-55. With A. Rezai.

Energy modeling post 1973, Journal of Natural Resources Policy, 7, 2-3, 161-166. With J. Feddersen, J. Imhof and F. Habermacher.

Untapped fossil fuel and the Green Paradox: a classroom calibration of the optimal carbon tax, Environmental Economics and Policy Studies, 17, 2, 185-210.


Growth, renewables and the optimal carbon tax, International Economic Review, 55, 1, 283-311. With C. Withagen.

Abrupt positive feedback and the social cost of carbon, European Economic Review, 67, 28-41.

Guidelines for exploiting natural resource wealth, Oxford Review of Economic Policy, 30, 1, 145-169.

Understanding international commodity price movements, Journal of International Money and Finance, 42, April, 1-8. With R. Arezki, P. Loungani and A.J. Venables.


Do natural resources attract non-resource FDI?, The Review of Economics and Statistics, 95 (3), 1047-1065. With S. Poelhekke.

Absorbing a windfall of foreign exchange: Dutch disease dynamics, Journal of Development Economics, 103, 229-243. With A.J. Venables.

Managing and harnessing volatile oil windfalls, IMF Economic Review, 61, 1, 130-167. With T.S. van den Bremer.

Official forecasts and management of oil windfalls, International Tax and Public Finance, 20, 5, 827-866. With T. Harding.

Cumulative carbon emissions and the Green Paradox, Annual Review of Resource Economics, 5, 281-300.

Green Growth, Green Paradox and the global economic crisis, Environmental Innovation and Societal Transitions, 6, 116-119. With C. Withagen.

On the relevance of Green Paradoxes, Research in Management Economics and Finance, October. With C. Withagen.


War and natural resource exploitation, European Economic Review, 56, 8, 1714-1729. With D. Rohner.

Too much coal, too little oil, Journal of Public Economics, 96, 62-77. With C. Withagen.

Is there really a Green Paradox?, Journal of Environmental Economics and Management, 64, 3, 342-363. With C. Withagen.

Natural resource wealth: the challenge of managing a windfall, Annual Review of Economics, 4, 315-337. With A.J. Venables.

Bottlenecks in ramping up public investment, Keynote Lecture, 2011 IIPF Congress, Ann Arbor, International Tax and Public Finance, 19, 4, 509-538.

Making the grade: how do European higher-education systems score internationally?, CESifo Forum, 3, 21-28.


Natural resources: curse or blessing?, Journal of Economic Literature, 49, 2, 366-420.

Harnessing windfall revenues: optimal policies for resource-rich developing economies, The Economic Journal, 121, 551, 1-30. With A.J. Venables.

Rapacious resource depletion, excessive investment and insecure property rights: a puzzle, Environmental and Resource Economics, 48, 1, 105-128.

Do natural resources depress income per capita?, Review of Development Economics, 15, 3, 504-521. With R. Arezki.

Macroeconomics of sustainability transitions: second-best climate policy, Green Paradox, and renewable subsidies, Environmental Innovations and Transitions, 1, 1, 131-134.

Fiscal policy and Dutch disease, International Economics and Economic Policy, 8, 121-131.


Voracious transformation of a common natural resource into productive capital, International Economic Review, 51, 2, 365-381.

Aggressive oil extraction and precautionary saving: coping with volatility, Journal of Public Economics, 94, 5-6, 421-433.

The pungent smell of “red herrings”: subsoil assets, rents, volatility, and the resource curse, Journal of Environmental Economics and Management, 60, 1, 44-55. With Steven Poelhekke.

Why do many resource-rich countries have negative genuine saving rates? Anticipation of better times or rapacious rent seeking, Resource and Energy Economics, 32, 28-44.

Managing resource revenues in developing economies, IMF Staff Papers, 57, 1, 84-118. With P. Collier, M. Spence and A.J. Venables.

Political economy of prudent budgetary policy, International Tax and Public Finance, 17, 3, 295-314.

Trade policies, institutions and the natural resource curse, Applied Economics Letters, 17, 1443-1451. With R. Arezki.


Volatility and the natural resource curse, Oxford Economic Papers , 61, 4, 727-760. With S. Poelhekke.

Prudent monetary policy and cautious predictions of the output gap, Journal of Macroeconomics, 31, 2, 217-230.

Foreign direct investment and urban concentrations: Unbundling spatial lags, Journal of Regional Science, 49, 4, 749-775. With S. Poelhekke.

Global crises and developing countries: Financial, environmental, resource and food perspectives (the David Pearce Lecture for the 17th Annual EAERE Meeting), International Review of Environmental and Resource Economics, 3, 2, 119-160.

Reinventing Europe, CESifo Economic Studies, 55, 1, 1-14. With M. Bordignon and T. Buettner.


Towards-evidence based reform of European universities, CESifo Economic Studies, 52, 3, 2-22.With R. Veugelers. Globalization and the rise of mega-cities in the developing world, Cambridge Journal of Regions, Economy and Society, 1, 3, 477-501. With S. Poelhekke.


Sustainable social spending in a greying economy with stagnant public services: Baumol’s cost disease revisited, FinanzArchiv, 63, 4, 519-547.


Guide to reform of higher education: A European perspective, Economic Policy, 47, July 2006, 535-592. With B. Jacobs.

Conditional benefits reduce equilibrium unemployment, Journal of Public Economic Theory, 8 (4), 603-610.

Rolling back the public sector: differential effects on growth, employment and investment, Oxford Economic Papers, 58, 1, 103-122.

Getting European universities into shape, European Political Science, 52, 5, 288-303. With B. Jacobs.


Back to Keynes?, CESifo Economic Studies, 51, 4, 777-822.


Comment – Convention on cultural diversity: A Trojan horse?, Journal of Cultural Economics, 28, 4, 257-261.

Beyond the dogma of the fixed book price agreement, Journal of Cultural Economics, 28, 1, 1-20.


In art we trust?, De Economist, 150, 4, 333-362.


Environmental policy, tax incidence, and the cost of public funds. Environmental and Resource Economics, 13, 2, 187-207. With J.E. Ligthart.


Tax reform, structural unemployment and the environment, The Scandinavian Journal of Economics, 100, 3, 593-610. With A.L. Bovenberg.

Consequences of environmental tax reform for involuntary unemployment and welfare, Environmental and Resource Economics, 12, 137-150. With A.L. Bovenberg.

Macroeconomic stabilization and intervention policy under an exchange rate band, Journal of International Money and Finance, 17, 2, 339-353. With R.M.W.J. Beetsma.

Fiscal policy, distortionary taxation, and direct crowding out under monopolistic competition, Oxford Economic Papers, 50, 79-88. With B.J. Heijdra and J.E. Ligthart.


Political economy of a consensus society: Experience from behind the dykes, Economic and Social Review, 28, 4, 307-332.


Against the basic instinct. Why basic income proposals will not do the job, New Economy, 235‑241, December. With A.L. Bovenberg.

Optimal taxation, public goods and environmental policy with involuntary unemployment, Journal of Public Economics, 62, 59-83.

Budgetary policies, foreign indebtedness, the stock market, and economic growth, Oxford Economic Papers, 48, 382-396.

Keynesian multipliers and the cost of public funds under monopolistic competition, Economic Journal, 106, 438, 1284-1296. With B. Heijdra.

Does inequality cause inflation? The political economy of infla­tion, taxation and government debt, Public Choice, 87, 1-2, 143-162. With R.M.W.J. Beetsma.


Fiscal and environmental policy under monopolistic competition, De Economist, 143, 2, 217‑248. With B. Heijdra.

Political economy of monetary and budgetary policy, International Economic Review, 36, 2, 427-439.

Trade liberalization with imperfect competition in goods and labour markets, The Scandinavian Journal of Economics, 97, 2, 223-243. With E.J. Driffill.

Solvency of counter-cyclical policy rules, Journal of Public Economics, 57, 45-65.


Money and endogenous growth, Journal of Money, Credit and Banking, 26, 4, 771-791. With G. Alogoskoufis.

Environmental policy, public finance and the labour market in a second-best world, Journal of Public Economics, 55, 349-390. With A.L. Bovenberg. sciencedirect

Pollution, the cost of public funds and endogenous growth, Economics Letters, 46, 351-361. With J.E. Ligthart.

Green policies and public finance in a small open economy, The Scandinavian Journal of Economics, 96, 3, 343-363. With A.L. Bovenberg.

Intramarginal interventions, bands and the pattern of EMS exchange rate distributions, International Economic Review, 35, 3, 583-602. With R.M.W.J. Beetsma.

Environmental policy, public goods and the marginal cost of public funds, The Economic Journal, 104, 423, 444-454. With A.L. Bovenberg.


Direct crowding out, optimal taxation and pollution abatement, Economics Letters, 43, 83-93. With A.L. Bovenberg.

Debts, deficits and growth in interdependent economies, Rivista di Politica Economica, LXXXIII, 3, 4, 33-68. With G. Alogoskoufis.

A closed-form solution for a model of precaution­ary saving, Review of Econ­omic Studies, 60, 2, 385-396.

Channels of international policy transmission, Journal of International Economics, 34, 3/4, 245-267.

Monopoly unions and the liberalisation of international trade, The Economic Journal, 103, 417, 379-385. With E.J. Driffill.


The macroeconomics of growth: An international perspective, Oxford Review of Economic Policy, 8, 4, 15-28. With P.J.G. Tang.

Temporal risk aversion, intertemporal substitution and Keynesian propensities to consume, Economics Letters, 39, 4, 479-484.

Fiscal stabilisation and monetary integration in Europe: A short­-run analysis, De Economist, 140, 1, 16-44.

International aspects of pollution control, Environmental and Resource Economics, 2, 117-139. With A.J. de Zeeuw.


Difference games and policy evaluation: A conceptual frame­w­ork, Oxford Economic Papers, 43, 612-636. With A.J. de Zeeuw.


On budgetary policies, growth and external deficits in an interde­pen­dent world, Journal of the Japanese and Interna­tional Economies, 5, 4, 305-324. With G. Alogoskoufis.

A differential game of international pollution control, Systems and Control Letters, 17, 409-414. With A.J. de Zeeuw.

Dynamic policy games in linear models with rational expec­ta­tions of future events, Computer Science in Economics and Management, 4, 3, 175-199. With A. Markink.

Pollution control and the Ramsey problem, Environmental and Resource Economics, 1, 215‑236. With C. Withagen.

Money and capital in interdependent economies with overlap­ping generations, Economica, 58, 230, 233-256.

Macroeconomic policy coordination during the various phases of economic and monetary integration in Europe, Chapter 7, 136-164, in M. Emerson (ed.), The Economics of EMU, Volume II, European Econ­omy, 44, special edition no. 1, Commission of the European Commun­ities, Brussels.


Capital accumulation, inflation and long‑run conflict in interna­tional objectives, Oxford Economic Papers, 42, 3, 501‑525.

Perfect equilibrium in a model of competitive arms accumu­lat­ion, Interna­tional Economic Review, 31, 1, 131‑146. With A.J. de Zeeuw.


The political economy of overvaluation, Economic Journal, 99, 397, 850‑855. Election outcomes and the stockmarket, European Journal of Politi­cal Economy, 5, 1, 21‑30.

Fiscal policy and finite lives in interdependent economies with real and nominal wage rigidity, Oxford Economic Papers, 41, 3, 459‑489. With Th. van de Klundert.

Wage rigidity and capital mobility in an optimizing model of a small open economy, De Economist, 137, 1, 47‑75. With Th. van de Klundert.

A statistical approach to the problem of negatives in input‑output analysis, Economic Modelling, 6, 1, 2‑19. With Th. ten Raa.

Disposable income, unemployment, inflation and state spend­ing in a dynamic political‑economic model, Public Choice, 60, 211‑239.


Monetary and fiscal policy in an optimizing model with finite lives and capital accumulation, Economic Journal, 98, 392, 772‑786. With G. Marini.

International policy coordination in interdependent monet­ary econ­omies, Journal of International Economics, 25, 1/2, 1‑23.

Finite horizons and the non‑neutrality of money, Economics Letters, 26, 57‑61. With G. Marini.

Balancing large systems of national accounts, Computer Science in Economics and Manage­ment, 1, 1, 31‑39.

Real effects of demand‑ and supply‑side policies in inter­de­pen­dent economies, Economic Modelling, 5, 2, 151‑164. With O. Attanasio.


Rationing in open economy and dynamic macroeconomics: A survey, De Ec­on­o­mi­st, 135, 4, 488‑519.

Coordination of optimal taxation in a two‑country equilib­rium model, Economics Letters, 24, 3, 279‑285.

Consistency of conjectures and reactions?, Economics Let­ters, 24, 2, 181‑185. With A.J. de Zeeuw.

Trade unions, investment and employment: A non‑coope­rative approach, European Economic Review, 31, 7, 1465‑1492.

Benefits of contingent rules for the optimal taxation of a monetary economy, Journal of Money, Credit and Banking, 19, 2, 252‑259.

Inefficiency of credible strategies in oligopolistic resource markets with uncertainty, Journal of Economic Dynamics and Control, 11, 1, 123‑145.

Optimal government policy in a small open economy with rational expectations and uncertain election outcomes, International Econ­omic Review, 28, 2, 469‑491.

Growth cycles, induced technical change and conflict over the distribu­tion of income, Journal of Macroeconomics, 9, 1, 1‑12. Production flexibility as a motive for multinationality, Journal of Industrial Economics, 35, 3, 343‑351. With D. de Meza.

Macro‑dynamic policy formulation with conflicting views of the economy: A synthesis of optimal control and feedback design, International Journal of Systems Science, 18, 3, 449‑476. With N. Christodoulakis.


Monetary disinflation in a simple two‑country model, Econ­omics Lett­ers, 22, 1, 73‑76.

The effects of a tax and incomes policy on government finance, employ­ment and capital formation, De Economist, 134, 3, 269‑288.

Inefficiency of credible strategies in renewable resource markets with iso‑elastic demand, zero extraction costs and stochastic renewal, Journal of Econ­omic Dynamics and Control, 10, 1/2, 309‑314.

Rational expectations, risk and chaos in financial markets, Econ­omic Journal, 96, Supplement, 151‑162.

Oligopoly power in British industry, Applied Economics, 18, 6, 583‑598. With V.K. Borooah.


Classical growth cycles, Metroeconomica, XXXVII, 2, 221­‑230.

Econometrics and inconsistencies in the national accounts, Economic Modelling, 2, 1, 8‑16.

FIML‑estimation of dynamic econometric systems from incon­sistent data, International Journal of Systems Science, 16, 1, 1‑29.


Economic policy rules for risk‑sensitive decision making, Zeit­schrift für Nationalökonomie, 44, 3, 207‑235.

Risk and linear‑quadratic stabilization, Economics Letters, 15, 73‑78.

A balanced system of national accounts for the United Kingdom, Review of Income and Wealth, Series 30, 4, 461­‑485. With T.S.  Barker and M.R. Weale.

Government ideology and re‑election efforts in a simple macroeconomic model, Oxford Economic Papers, 36, June, 213‑231.

Generalized least squares methods for balancing large systems and of national accounts, Review of Public Data Use, 12, 1, 17‑33.

The Principle of Political‑Economic Assignment: Analysis of a macro‑­economic  model with political feedbacks, Journal of Macroeconomics, 6, 3, 283‑294.


Economic growth and conflict over the distribution of income, Journal of Economic Dynamics and Control, 6, 253‑­279.

Predator‑prey and neo‑classical models of cyclical growth, Zeit­schrift für Nationalökonomie, 43, 3, 235‑256.

Control of medium‑term dynamic econometric models, Transac­tions of the Institute of Measurement and Control, 5, 1, 23‑34.

Software support for multisectoral dynamic models of nat­ional econ­omies, Journal of Economic Dynamics and Control, 5, 109‑130. With A.W.A. Peterson and T.S. Barker.


Economic conditions, class and voter behaviour, Scottish Journal of Political Economy, 29, 2, 206‑214. With V.K. Borooah.

The changing criteria of economic success: Performance and popular­ity in British politics, Manchester School of Econ­omic and Social Studies, XLX, 1, 61‑78. With V.K. Borooah.

British government popularity and economic performance: A com­ment, Economic Journal, 92, 366, 405‑410. With V.K. Borooah.

Reliability and the adjustment of sequences of large econ­omic account­ing matrices (with discussion), Journal of the Royal Statis­tical Society, Series A, 145, Part 2, 169‑194.

Government policy, real wage resistance and the resolution of conflict, European Economic Review, 19, 3, 181‑212.

Medium‑term planning with a multisectoral dynamic model of the U.K. economy, International Journal of Systems Science, 13, 1, 57‑71.

The industrial implications of an optimal reflationary mix for the British economy, Applied Economics, 14, 4, 355‑­373.


The Cambridge Multisectoral Dynamic Model: An instru­ment for national econo­mic policy analysis, Journal of Policy Modeling, 2, 319‑344. With T.S. Barker, V.K. Borooah and A.L. Winters.