Effects of Macroeconomic Policy on Air Quality: Evidence from the US
Effects of Macroeconomic Policy on Air Quality: Evidence from the US
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发表时间：
2015-02
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通讯作者：
G. Halkos;E. Paizanos
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作者：
G. Halkos;E. Paizanos
本文利用美国1973年至2013年的季度数据，研究了经济政策对空气质量的影响。特别是，我们分析了短期以及长期的财政和货币政策与二氧化碳排放量之间的相互作用，采用时间序列技术的协整，格兰杰多变量因果关系和向量误差修正模型。为了考虑到经济政策的影响可能会因污染源的不同而发生变化，我们区分了工业和住宅造成的二氧化碳排放。此外，我们构建了三个线性组合的财政冲击的脉冲响应，对应于三种情况下的赤字支出，赤字融资减税和平衡的预算支出扩张。结果的政策影响因CO2排放源而异。
This paper examines the effect of economic policy on air quality using US quarterly data from 1973 to 2013. In particular, we analyze the short-run as well as the long-run interactions between fiscal and monetary policy with CO2 emissions, employing time series techniques of co-integration, Granger multivariate causality and vector error-correction modeling. To take into account possible variations of the effect of economic policy according to the sources of pollution, we distinguish between industrial and residential inflicted CO2 emissions. In addition, we construct the impulse responses to three linear combinations of fiscal shocks, corresponding to the three scenarios of deficit-spending, deficit-financed tax cuts and a balanced budget spending expansion. Policy implications from the results vary depending on the source of CO2 emissions.