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| DOI | 10.1016/j.enpol.2020.111454 |
| Are macroeconomic policies better in curbing air pollution than environmental policies? A DSGE approach with carbon-dependent fiscal and monetary policies | |
| Chan Y.T. | |
| 发表日期 | 2020 |
| ISSN | 03014215 |
| 卷号 | 141 |
| 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 |
| 关键词 | Climate changeEmissions taxFiscal policyMonetary 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 |
| 语种 | 英语 |
| 来源期刊 | Energy Policy
 |
| 文献类型 | 期刊论文 |
| 条目标识符 | http://gcip.llas.ac.cn/handle/2XKMVOVA/204592 |
| 作者单位 | Research Institute of Economics and Management, Southwestern University of Finance and Economics, Chengdu, China |
| 推荐引用方式 GB/T 7714 | 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],2020,141. |
| APA | Chan Y.T..(2020).Are macroeconomic policies better in curbing air pollution than environmental policies? A DSGE approach with carbon-dependent fiscal and monetary policies.Energy Policy,141. |
| MLA | Chan Y.T.."Are macroeconomic policies better in curbing air pollution than environmental policies? A DSGE approach with carbon-dependent fiscal and monetary policies".Energy Policy 141(2020). |
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