The Economic Implications of Reducing Carbon Emissions

Adrian Cooper, Scott Livermore, Vanessa Rossi, Alan Wilson and John Walker

The Energy Journal, 1999, vol. Volume 20, issue Special Issue, 335-365

Abstract: This paper presents the results of a series of simulations analysing the implications of measures to reduce carbon emissions in Annex 1 countries, conducted using the Oxford Global Macroeconomic and Energy Model. It shows that the GDP costs of reducing carbon emissions vary significantly across countries and that the cost depends on a number of critical factors including energy intensity, the rise in emissions in the base case and the amount of coal used especially in electricity generation. Moreover, it illustrates that a combination of macroeconomic rigidities and monetary policy responses to higher energy prices means that the output losses are likely to be substantial in the years immediately following the introduction of a carbon tax or similar emissions abatement policy.

JEL-codes: F0 (search for similar items in EconPapers)
Date: 1999
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