Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
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Daily Overview |
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Economic implications of climate policy Location: Auditorium K Session Chair: Peter Kruse-Andersen, University of Copenhagen | |
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Meeting Climate Targets: The Optimal Fiscal Policy Mix DIW Berlin, Germany This paper studies the optimal fiscal policy mix for the green transition under realistic fiscal constraints. I develop a model with directed technical change and learning- by-doing, where an emission target renders fossil energy use socially costly. In a calibration to the US, I quantify the optimal mix of carbon taxes, research subsidies, and distortionary labor income taxes. The central insight is that the optimal fiscal mix internalizes its impact on R&D investment and learning-by-doing. Carbon taxes encourage both green R&D and learning, justifying rates above the social cost of carbon. In contrast, labor income taxes suppress learning-by-doing, especially in the green sector, where experience is initially scarce. Throughout the transition, labor taxes are lower than absent learning-by-doing. In a more constrained regime where carbon tax revenues are rebated lump-sum, the government insufficiently subsidizes research on energy-related technologies to preserve green learning-by-doing. | |