DOI: 10.1016/j.enpol.2020.111454
论文题名: Are macroeconomic policies better in curbing air pollution than environmental policies? A DSGE approach with carbon-dependent fiscal and monetary policies
作者: Chan Y.T.
刊名: Energy Policy
ISSN: 03014215
出版年: 2020
卷: 141 语种: 英语
中文关键词: Climate change
; Emissions tax
; Fiscal policy
; Monetary policy
英文关键词: Air pollution
; Carbon
; Climate change
; Economics
; Emission control
; Public policy
; Stochastic models
; Stochastic systems
; Taxation
; Emissions tax
; Environmental dynamics
; Environmental policy
; Fiscal policies
; Government expenditure
; Macroeconomic policies
; Monetary policies
; Total factor productivity
; Environmental protection
; abatement cost
; atmospheric pollution
; climate change
; economic policy
; emissions trading
; environmental economics
; environmental impact
; environmental policy
; macroeconomics
; policy analysis
; pollution control
英文摘要: The environmental impacts of macroeconomic policies, and their interaction with climate policies are under-researched in the existing literature. This paper compares the effectiveness of standard macroeconomic tools (fiscal and monetary policies) with carbon taxation in curbing air pollution by using an environmental dynamic stochastic general equilibrium (E-DSGE) model. We show how government expenditure, interest rate, and carbon tax rate should vary over time in order to stabilize carbon emission levels. We find that (i) while all the aforementioned policies could stabilize carbon emissions, their underlying mechanisms are different. Fiscal, monetary, and carbon tax policies, uniquely and respectively, lead to a reduction in abatement effort, income tax revenue, and general price level. (ii) With economic expansions driven by total factor productivity (TFP) shocks, fiscal policy is the only policy that could maintain the emission levels and simultaneously improve household welfare in term of consumption and labor. (iii) Regarding the interaction between carbon and macroeconomic policies, carbon taxation should complement monetary policy, while it should not respond to fiscal policy. © 2020 Elsevier Ltd Citation statistics:
资源类型: 期刊论文
标识符: http://119.78.100.158/handle/2HF3EXSE/167064
Appears in Collections: 气候变化与战略
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作者单位: Research Institute of Economics and Management, Southwestern University of Finance and Economics, Chengdu, China
Recommended Citation:
Chan Y.T.. Are macroeconomic policies better in curbing air pollution than environmental policies? A DSGE approach with carbon-dependent fiscal and monetary policies[J]. Energy Policy,2020-01-01,141