The Macroeconomics of Second-Best Climate Policies

该奖项资助使用经济理论以及旨在减少二氧化碳排放的“非传统”环境政策的经济和环境后果的研究。虽然大多数对碳减排政策的经济学研究都集中在对化石燃料征税上，但这个研究项目侧重于补贴可再生能源生产的政策和要求使用清洁能源的政策。这项研究将使用理论模型、大型数据集和创新的经验方法来调查如何设计补贴和强制令，以与其他形式的燃料相比，以最低的经济增长和效率代价减少排放。此外，该项目还将评估通胀降低法案的影响，以及清洁电力计划对碳排放和经济增长的影响。这一研究项目的结果将为减少碳排放的政策提供重要投入，同时刺激经济增长，并使美国成为碳减排政策的全球领导者。该奖项资助了一个研究议程，以研究碳减排政策的效率，而不是对化石燃料征税的政策。该项目将开发和评估一个量化的、动态的宏观经济和环境模型，以测试“次佳”碳政策的效率。该模型在两个方面扩展了标准建模框架：首先，由于碳排放和可再生能源补贴对能源价格的不同影响，它将允许能源需求的价格弹性在短期、中期和长期有所不同；此外，该模型将纳入从碳税筹集的公共资金的价值。研究人员将使用大量数据集和不同的计量经济学方法来评估该模型，并将其与排放税政策的结果进行比较。然后，这些估计将被用来分析最近的政策建议，如通胀降低法和清洁电力计划。这一研究项目的结果将为减少碳排放的政策提供重要投入，同时刺激经济增长，并使美国成为碳减排政策的全球领导者。该奖项反映了NSF的法定使命，并通过使用基金会的智力优势和更广泛的影响审查标准进行评估，被认为值得支持。

This award funds research that uses economic theory and on the economic and environmental consequences of “non-traditional” environmental policies designed to reduce carbon dioxide emissions. While most economic studies of carbon reduction policies have focused on taxing fossil fuels, this research project focuses on policies that subsidies for the production of renewable energy and mandates for the use of clean energy. The research will use theoretical modelling, a large data set, and innovative empirical methods to investigate how subsidies and mandates can be designed to reduce emissions at the lowest cost to economic growth and efficiency compared to other forms of fuels. In addition, the project will estimate the impact of the Inflation Reduction Act as well as the impact of the Clean Power Plan on both carbon emissions and economic growth. The results of this research project will provide major inputs into policies to reduce carbon emissions, while spurring economic growth and establish the US as a global leader in carbon reduction policies.This award funds a research agenda to study the efficiency of carbon reduction policies other than those that tax fossil fuels. The project will develop and estimate a quantitative, dynamic model of the macroeconomy and the environment to test the efficiency of “second best” carbon policies. The model extends the standard modeling framework in two ways: first, it will allow the price elasticity of energy demand to differ in the short-, medium- and long-run because of the differential effects of carbon and subsidies for renewables on the price of energy; in addition, the model will incorporate the value of public funds raised from carbon taxes. The researchers will use a large data set and different econometric methods to estimate the model and compare it to the results from emission tax policies. The estimates will then be used to analyze recent policy proposals such as the Inflation Reduction Act and the Clean Power Plan. The results of this research project will provide major inputs into policies to reduce carbon emissions, while spurring economic growth and establish the US as a global leader in carbon reduction policies.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.