Climate Policy and Innovation: A Quantitative Macroeconomic Analysis

• 成果类型: Article
• 署名作者: Fried, Stephie
• 署名单位: Arizona State University; Arizona State University-Tempe
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20150289
• 发表日期: 2018
• 页码: 90-118
• 关键词: directed technical change; endogenous technological-change; research-and-development; energy; prices; OIL; PRODUCTIVITY; IMPACT; taxes

摘要

A carbon tax can induce innovation in green technologies. I evaluate the quantitative impact of this channel in a dynamic, general equilibrium model with endogenous innovation in fossil, green, and nonenergy inputs. I discipline the parameters using evidence from historical oil shocks, after which both energy prices and energy innovation increased substantially. I find that a carbon tax induces large changes in innovation. This innovation response increases the effectiveness of the policy at reducing emissions, resulting in a 19.2 percent decrease in the size of the carbon tax required to reduce emissions by 30 percent in 20 years.