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Lawrence Goulder,Marc Hafstead's Confronting the Climate Challenge: A General Equilibrium PDF

By Lawrence Goulder,Marc Hafstead

with no major discounts of greenhouse gasoline emissions, weather switch will reason immense harm to the surroundings and the economic climate. The scope of the danger calls for a detailed examine the rules able to decreasing the damage. Confronting the weather Challenge offers a special framework for comparing the affects of quite a number U.S. climate-policy innovations, either for the economic climate total and for specific family teams, industries, and areas. Lawrence Goulder and Marc Hafstead specialize in 4 substitute techniques for decreasing carbon dioxide emissions: a revenue-neutral carbon tax, a cap-and-trade application, a fresh power commonplace, and a rise within the federal fuel tax. They exhibit that those policies—if designed correctly—not in basic terms can in attaining emissions mark downs at low-priced but in addition can keep away from putting bad burdens on low-income loved ones teams or specially susceptible industries.

Goulder and Hafstead practice a multiperiod, economy-wide normal equilibrium version that's exact in its realization to funding dynamics and to interactions among weather coverage and the tax approach. Exploiting the original beneficial properties of the version, they distinction the shorter- and longer-term coverage affects and concentrate on alternative routes of feeding back—or “recycling”—policy-generated sales to the non-public area. Their paintings exhibits how cautious coverage layout, together with the really appropriate use of policy-generated sales, can in attaining wanted mark downs in carbon dioxide emissions at cost-efficient, stay away from asymmetric affects throughout family source of revenue teams, and stop losses of revenue within the so much susceptible U.S. industries. regardless of dim customers for weather coverage within the federal govt, the urgency of the quandary calls for entire motion, and Confronting the weather Challenge bargains a theoretically and empirically sound framework for doing so.

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Confronting the Climate Challenge: A General Equilibrium Assessment of U.S. Policy Options by Lawrence Goulder,Marc Hafstead


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