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Designing A Carbon Tax to Reduce U.S. Greenhouse Gas Emissions
Metcalf, Gilbert E. - 2008
This article describes a revenue and distributionally neutral approach to reducing U.S. greenhouse gas emissions that uses a carbon tax. The revenue from the carbon tax is used to finance an environmental earned income tax credit designed to be distributionally neutral. The credit is linked to...
Persistent link: https://www.econbiz.de/10012464272
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The Macroeconomic Impact of Europe’s Carbon Taxes
Metcalf, Gilbert E. - 2020
Policy makers often express concern about the impact of carbon taxes on employment and GDP. Focusing on European countries that have implemented carbon taxes over the past 30 years, we estimate the macroeconomic impacts of these taxes on GDP and employment growth rates for various specifications...
Persistent link: https://www.econbiz.de/10012481343
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Tax Distortions and Global Climate Policy
Babiker, Mustafa H. - 2002
We consider the efficiency implications of policies to reduce global carbon emissions in a world with pre-existing tax … environmental taxes are returned in a lump sum fashion, need not hold in a world with multiple distortions. We then present a large …-scale computable general equilibrium model of the world economy with distortionary taxation. We use this model to evaluate a number of …
Persistent link: https://www.econbiz.de/10012469575
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The Macroeconomic Effects of a Carbon Tax to Meet the U.S. Paris Agreement Target : The Role of Firm Creation and Technology Adoption
Finkelstein Shapiro, Alan; Metcalf, Gilbert E. - National Bureau of Economic Research - 2021
We analyze the quantitative labor market and aggregate effects of a carbon tax in a framework with pollution externalities and equilibrium unemployment. Our model incorporates endogenous labor force participation and two margins of adjustment influenced by carbon taxes: (1) firm creation and (2)...
Persistent link: https://www.econbiz.de/10012533344
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Five Myths About Carbon Pricing
Metcalf, Gilbert E. - National Bureau of Economic Research - 2023
While carbon pricing, in general, and carbon taxes, in particular, are popular with economists, they are subject to considerable misunderstanding among policy makers and the public. In this paper I consider and refute five myths about carbon taxes: 1) that a carbon price will hurt economic...
Persistent link: https://www.econbiz.de/10014250122
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Flexibility of Adjustment to Shocks : Economic Growth and Volatility of Middle-Income Countries Before and After the Global Financial Crisis of 2008
Aizenman, Joshua - 2017
The pronounced and persistent impact of the global financial crisis of 2008 motivates our empirical analysis of the role of institutions and macroeconomic fundamentals on countries' adjustment to shocks. Our empirical analysis shows that the associations of growth level, growth volatility,...
Persistent link: https://www.econbiz.de/10012455214
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Current Account Adjustment : Some New Theory and Evidence
Ju, Jiandong - 2007
This paper aims to provide a theory of current account adjustment that generalizes the textbook version of the intertemporal approach to current account and places domestic labor market institutions at the center stage. In general, in response to a shock, an economy adjusts through a combination...
Persistent link: https://www.econbiz.de/10012465262
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What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
Aizenman, Joshua - 2011
We estimate the pricing of sovereign risk for sixty countries based on fiscal space (debt/tax; deficits/tax) and other … and economically important determinants of market-based sovereign risk. Although the explanatory power of fiscal space … emergence of TED spread as a key pricing factor. However, risk-pricing of the South-West Eurozone Periphery countries is not …
Persistent link: https://www.econbiz.de/10012461251
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Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises?
Aizenman, Joshua - 2020
We analyze the sovereign bond issuance data of eight major emerging markets (EMs) - Brazil, China, India, Indonesia, Mexico, Russia, South Africa and Turkey from 1970 to 2018. Our analysis suggests that (i) EM local currency bonds tend to be smaller in size, shorter in maturity, or lower in...
Persistent link: https://www.econbiz.de/10012481987
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Fiscal Stimulus and Commercial Bank Lending Under COVID-19
Aizenman, Joshua; Jinjarak, Yothin; Spiegel, Mark - National Bureau of Economic Research - 2022
We investigate the implications of extra-normal government spending under the COVID-19 pandemic for commercial bank lending growth between 2019Q4 and 2020Q4 in a large sample of over 3000 banks from 71 countries. We control for pre-pandemic structural factors, bank characteristics and government...
Persistent link: https://www.econbiz.de/10013172181