OVERVIEW OF THE EMF 32 STUDY ON U.S. CARBON TAX SCENARIOS

James R. McFarland, Allen A. Fawcett, Adele C. Morris, John Reilly and Peter Wilcoxen
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James R. McFarland: #x2020;U.S. Environmental Protection Agency, 1200 Pennsylvania Avenue NW, Washington, DC 20460, USA
Allen A. Fawcett: #x2020;U.S. Environmental Protection Agency, 1200 Pennsylvania Avenue NW, Washington, DC 20460, USA
Adele C. Morris: #x2021;Brookings Institution, 1775 Massachusetts Ave, NW Washington, DC 20036, USA

Climate Change Economics (CCE), 2018, vol. 09, issue 01, 1-37

Abstract: The Energy Modeling Forum (EMF) 32 study on carbon tax scenarios analyzed a set of illustrative policies in the United States that place an economy-wide tax on fossil-fuel-related carbon dioxide (CO2) emissions, a carbon tax for short. Eleven modeling teams ran these stylized scenarios, which vary by the initial carbon tax rate, the rate at which the tax escalates over time, and the use of the revenues. Modelers reported their results for the effects of the policies, relative to a reference scenario that does not include a carbon tax, on emissions, economic activity, and outcomes within the U.S. energy system. This paper explains the scenario design, presents an overview of the results, and compares results from the participating models. In particular, we compare various outcomes across the models, such as emissions, revenue, gross domestic product, sectoral impacts, and welfare.

Keywords: Carbon tax; revenue recycling; model comparison; climate change; CGE models (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (4)

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DOI: 10.1142/S201000781840002X

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