ACE-Analytic Climate Economy

• 成果类型: Article
• 署名作者: Traeger, Christian P.
• 署名单位: University of Oslo; Leibniz Association; Ifo Institut
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20210297
• 发表日期: 2023
• 页码: 372-406
• 关键词: Long-run risks; social cost; integrated assessment; change policy; intertemporal substitution; relative prices; carbon; GROWTH; models; macroeconomy

摘要

I study optimal carbon taxation in an analytic quantitative integrated assessment model (IAM) that links IAM components, parametric assumptions , calibration approaches directly to their policy impacts. I show how temperature's tax impact differs from that of previously analytically modeled carbon dynamics. Novel to analytic IAMs are a general economy, energy sectors including capital, vary-ing degrees of substitutability across energy sources, an approxi-mation of capital persistence, objective functions that include CES preferences , population weighting, and an explicit model of the greenhouse effect and ocean-atmosphere temperature dynamics. The paper enables economists to develop better-informed opinions about the social cost of carbon. (JEL H23, H43, Q54, Q58)