| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8527 |
| DP8527 Optimal taxes on fossil fuel in general equilibrium | |
| John Hassler; Aleh Tsyvinski; Mikhail Golosov | |
| 发表日期 | 2011-08-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We analyze a dynamic stochastic general-equilibrium (DSGE) model with an externality---through climate change---from using fossil energy. A central result of our paper is an analytical derivation of a simple formula for the marginal externality damage of emissions. This formula, which holds under quite plausible assumptions, reveals that the damage is proportional to current GDP, with the proportion depending only on three factors: (i) discounting, (ii) the expected damage elasticity (how many percent of the output flow is lost from an extra unit of carbon in the atmosphere), and (iii) the structure of carbon depreciation in the atmosphere. Very importantly, future values of output, consumption, and the atmospheric CO2 concentration, as well as the paths of technology and population, and so on, all disappear from the formula. The optimal tax, using a standard Pigou argument, is then equal to this marginal externality. The simplicity of the formula allows the optimal tax to be easily parameterized and computed. Based on parameter estimates that rely on updated natural-science studies, we find that the optimal tax should be a bit higher than the median, or most well-known, estimates in the literature. We also show how the optimal taxes depend on the expectations and the possible resolution of the uncertainty regarding future damages. Finally, we compute the optimal and market paths for the use of energy and the corresponding climate change. |
| 主题 | International Macroeconomics |
| 关键词 | Climate externality Integrated assessment model Optimal carbon taxes |
| URL | https://cepr.org/publications/dp8527 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537361 |
| 推荐引用方式 GB/T 7714 | John Hassler,Aleh Tsyvinski,Mikhail Golosov. DP8527 Optimal taxes on fossil fuel in general equilibrium. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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