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E. Moser, A. Fürnkranz-Prskawetz, G. Tragler:
"Optimal Controls in Models of Economic Growth and the Environment";
in: "Large Scale Scientific Computing", I. Lirkov, S. Margenov, J. Wasniewski (Hrg.); Springer Verlag, Heidelberg, 2012, S. 139 - 146.

We investigate the impact of environmental quality standards
on the accumulation of two types of capital ("brown" vs. "green")
and the corresponding R&D investments in an endogenous growth model.
We show that environmental regulation as economic policy instrument
rather represses economic growth in the long run but fosters green R&D
and the accumulation of green capital in the short run. In addition we
show that subsidies may support a shift to a greener production and can
be used to counteract against repressed accumulation of green capital.