气候政策和经济：来自欧洲碳定价倡议的证据.pdf

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1、Climate Policy and the Economy:Evidence from Europes Carbon Pricing InitiativesDiego R.K anzigNorthwestern University&NBERMaximilian KonradtGeneva Graduate InstituteIMFER Conference on The Future of Macroeconomic PolicyJune 2023The looming climate crisisClimate change is now at the top of the global

2、 policy agendaCarbon pricing is increasingly used as a tool to mitigate climate changeCarbon taxesCap-and-tradeWe know little about the effects of these policies in practiceEffective at reducing emissions?Short-term economic costs?How do different policies compare?1This paperComprehensive analysis o

3、f carbon pricing policies in EuropeWhy Europe?Global leader in climate policy with 20+years of experienceEU-wide emissions trading scheme(EU ETS)Many countries also enacted carbon taxes at national levelSufficient variation to identify the effects of interestKey challenge:Carbon prices not set in a

4、vacuumWe compare two empirical strategies:high-frequency identification and“control-based”approachProvide unified framework to study impact of cap-and-trade prices&carbon taxes2Main resultsCarbon pricing leads to emission reduction but comes at economic costEconomic effects larger for carbon market

5、than for national carbon taxesRobust to the identification strategy usedIn line with previous evidence in K anzig(2022)and Metcalf and Stock(forthcoming)We look into potential explanations for this findingRevenue recyclingCoverage and pass-throughSpillovers and leakageMonetary policy.3Main resultsUs

6、e of carbon revenues turns out to be crucialCarbon taxes often introduced as part of broader tax reform lowering income taxesEuropean carbon market has no direct measures to cushion effects on households Carbon taxes that do not recycle revenues display stronger economic effectsPass-through and cove