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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Thematic Session: Climate policy and international financial markets (Streaming) Location: B009 Session Chair: Armon Rezai, Vienna University of Economics and Business Session Chair: Rick van der Ploeg, University of Oxford | |
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International spillovers of asymmetric climate mitigation policies 1: Paris School of Economics; 2: Banque de France; 3: Ponts ParisTech We build a two-region dynamic general equilibrium model to analyze the international spillovers of asymmetric climate mitigation policies. The two regions (which we call Europe and the United States) interact through trade and through capital flows. They are identical except for their fossil energy endowment: Europe is partially dependent on energy imports. We study the impact of a rise in the European carbon tax, depending on whether the revenues from this tax are used to (i) reduce government debt, (ii) make lump-sum transfers to households, or (iii) invest in clean public capital. We find that that trade spillovers are mitigated by financial spillovers. We also show that a carbon border adjustment mechanism can eliminate carbon leakage, with limited macroeconomic cost. | |