Confronting the Climate Challenge: A General Equilibrium by Lawrence Goulder,Marc Hafstead

By Lawrence Goulder,Marc Hafstead

with no major savings of greenhouse gasoline emissions, weather swap will reason large harm to the surroundings and the economic system. The scope of the danger calls for an in depth examine the regulations able to lowering the damage. Confronting the weather Challenge offers a special framework for comparing the affects of various U.S. climate-policy strategies, either for the economic system total and for specific loved ones teams, industries, and areas. Lawrence Goulder and Marc Hafstead specialize in 4 replacement techniques for decreasing carbon dioxide emissions: a revenue-neutral carbon tax, a cap-and-trade application, a fresh strength average, and a rise within the federal fuel tax. They reveal that those policies—if designed correctly—not merely can in achieving emissions mark downs at reasonable but in addition can keep away from putting bad burdens on low-income loved ones teams or in particular susceptible industries.

Goulder and Hafstead follow a multiperiod, economy-wide normal equilibrium version that's special in its recognition to funding dynamics and to interactions among weather coverage and the tax procedure. Exploiting the original good points 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 personal zone. Their paintings exhibits how cautious coverage layout, together with the really apt use of policy-generated sales, can in attaining wanted savings in carbon dioxide emissions at cost-efficient, steer clear of asymmetric affects throughout family source of revenue teams, and stop losses of revenue within the such a lot weak U.S. industries. regardless of dim customers for weather coverage within the federal executive, the urgency of the trouble calls for finished motion, and Confronting the weather Challenge deals a theoretically and empirically sound framework for doing so.

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