Download The Economics of Climate Change Policies: Macroeconomic by Rainer Walz PDF

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By Rainer Walz

The security of the earth's surroundings calls for tremendous efforts to minimize CO2 and different greenhouse gasoline emissions. on the way to meet those objectives, governments have began to enforce weather rules which come with informational measures resembling demonstration programmes in addition to financial tools resembling power or emission taxes, emission buying and selling schemes, potency criteria and labelling structures for home equipment, and subsidies for low- or no-carbon applied sciences corresponding to renewable power assets. This e-book provides a hugely policy-relevant evaluation of the most likely macroeconomic results of weather swap coverage. It portrays the present debate and analyses the modelling result of current experiences. The authors additionally current their very own empirical effects which give a contribution to remaining the distance in regards to structural results and affects on technological swap of weather swap regulations.

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Additional info for The Economics of Climate Change Policies: Macroeconomic Effects, Structural Adjustments and Technological Change (Sustainability and Innovation)

Sample text

With their econometric model depict rather short-term elasticities, whereas the substitution processes in an equilibrium model correspond logically to end points of the effect and therefore long-term elasticities. 19 This is particularly true for Welsch (1996), DIW (1994) and Conrad and Schmidt (1999). 20 For example, in DIW/Fifo (1999), two variants are distinguished which differ regarding the assumptions made about wage policy. In the case of a moderate wage policy, there are more favourable macroeconomic effects than in the case of an aggressive one.

Overall, it is clear that all the models have considerable limitations. On the one hand, the spectrum of the economic effects examined by top-down models is much greater than in input/output analyses, but this is offset by the disadvantage of a more unrealistic modelling of the energy sector and the effects on emissions. g. the effect of increases in costs or demand. Against this background the question arises whether a reduction of the limitations could be achieved by linking the results of energy system analyses with macroeconomic models.

These list deviations in per cent compared to the absolute value of the reference scenario rather than differences in annual growth rates. On the one hand, it is obvious that the majority of results indicate comparatively low impacts. It should therefore be emphasised that a reduction of the CO2 emissions is much less significant macroeconomically than is surmised when looking at the exchanges in the political discussion. On the other hand, distinct differences do emerge between the individual studies.

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