全球智库信息集成服务系统(G2TT): Analyzing Carbon Pricing Policies Using a General Equilibrium Model with Production Parameters Estimated using Firm Data

G2TT

来源类型	Journal Article
规范类型	论文
	Analyzing Carbon Pricing Policies Using a General Equilibrium Model with Production Parameters Estimated using Firm Data
	Jing Cao; Mun Ho; Rong Ma
发表日期	2020-10-01
出版年	2020
语种	英语
摘要	Policy simulation results of Computable General Equilibrium (CGE) models largely hinge on the choices of substitution elasticities among key input factors. Currently, most CGE models rely on the common elasticities estimated from aggregated data, such as the GTAP model elasticity parameters. Using firm level data, we apply the control function method to estimate CES production functions with capital, labor and energy inputs and find significant heterogeneity in substitution elasticities across different industries. Our capital-labor substitution elasticities are much lower than the GTAP values while our energy elasticities are higher. We then incorporate these estimated elasticities into a CGE model to simulate China's carbon pricing policies and compare with the results using GTAP parameters. Our less elastic K-L substitution leads to lower base case GDP growth, but our more elastic energy substitution lead to lower coal use and carbon emissions. In the carbon tax policy exercises, we find that our elasticities lead to easier reductions in coal use and carbon emissions.
URL	https://www.rff.org/publications/journal-articles/analyzing-carbon-pricing-policies-using-a-general-equilibrium-model-with-production-parameters-estimated-using-firm-data/
来源智库	Resources for the Future (United States)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/588360
推荐引用方式 GB/T 7714	Jing Cao,Mun Ho,Rong Ma. Analyzing Carbon Pricing Policies Using a General Equilibrium Model with Production Parameters Estimated using Firm Data. 2020.