The Economics of Climate Change Policies: Macroeconomic by Rainer Walz

By Rainer Walz

The security of the earth's surroundings calls for giant efforts to minimize CO2 and different greenhouse fuel emissions. in an effort to meet those pursuits, governments have began to enforce weather guidelines which come with informational measures resembling demonstration programmes in addition to fiscal tools similar to power or emission taxes, emission buying and selling schemes, potency criteria and labelling platforms for home equipment, and subsidies for low- or no-carbon applied sciences comparable to renewable power assets. This publication offers a hugely policy-relevant review of the most likely macroeconomic results of weather switch coverage. It portrays the present debate and analyses the modelling result of current reviews. The authors additionally current their very own empirical effects which give a contribution to ultimate the distance with reference to structural results and affects on technological switch of weather switch regulations.

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

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5 Combined Effects of the Impulses 29 However, some limitations have to be taken into account when considering this argument. The effect of Keynesian demand policy in the overlapping area of rational expectations, international goods and financial markets is substantially more complex than the mechanistic description above may suggest. 66 It also has to be questioned whether the volume of demand changes to be moved by the climate protection would be sufficient for more than marginal effects of the business cycle.

Different assumptions relating to the appearance of a double dividend, the significance of demand effects and the productive effect of climate protection technologies were made and bundled into two economic variants which group favourable and unfavourable conditions respectively. The two economic variants which result from this bundling reflect some of the main differences discussed in Chap. 1). In the model simulations, there are only modest changes in the macroeconomic variables (Figs. 4). 7% higher in real terms on average over the period reviewed than in the reference scenario, depending on the variant.

692). Due to rising productivities, this effect can be estimated at about 70 jobs per PJ at present. g. construction; see Chap. 4), and second, lower imports due to the substitution of imported energy by mostly German-produced capital goods. Thus, it becomes clear that this number cannot be easily transferred to other countries. e. that lower energy prices due to technological change will stimulate demand. g. the use of individual technologies). The core question of top-down approaches about the impacts of a revenue-neutral energy tax causes input/output models major problems since they are neither able to account for double dividend effects, nor the substitution effects between production factors triggered by the altered relative prices.

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