CLIMATE POLICIES AND BUSINESS CYCLES: THE EFFECTS OF A DYNAMIC CAP

IF 1.2 Q3 ECONOMICS

National Institute Economic Review Pub Date : 2023-06-09 DOI:10.1017/nie.2023.12

Ulrich Eydam

引用次数: 0

Abstract

Emissions are directly linked to economic output and consequently subject to business cycle fluctuations. The present study analyses the interactions between climate policies and business cycles through the lens of a New Keynesian dynamic stochastic general equilibrium model. We compare a static cap-and-trade policy with a dynamically adjusting policy in terms of macroeconomic stabilisation, welfare and emissions price dynamics. The results of the quantitative evaluation suggest that a constant policy leads to lower aggregate volatility but is associated with larger welfare costs. In contrast, under the dynamic policy emissions prices and labour markets display less variations.

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气候政策和商业周期:动态上限的影响

排放与经济产出直接相关，因此受到商业周期波动的影响。本研究通过新凯恩斯主义动态随机一般均衡模型分析了气候政策与商业周期之间的相互作用。我们在宏观经济稳定性、福利和排放价格动态方面比较了静态限额与交易政策与动态调整政策。定量评价的结果表明，恒定的政策导致较低的总波动率，但与较大的福利成本相关。相比之下，在动态政策下，排放价格和劳动力市场的变化较小。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

National Institute Economic Review ECONOMICS-

CiteScore

3.70

自引率

9.50%

发文量

期刊介绍： The National Institute Economic Review is the quarterly publication of the National Institute of Economic and Social Research, one of Britain"s oldest and most prestigious independent research organisations. The Institutes objective is to promote, through quantitative research, a deeper understanding of the interaction of economic and social forces that affect peoples" lives so that they may be improved. It has no political affiliation, and receives no core funding from government. Its research programme is organised under the headings of Economic Modelling and Analysis; Productivity; Education and Training and the International Economy.