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The environment and directed technical change: comment

Jean-Charles Hourcade, Antonin Pottier and Etienne Espagne ()

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Abstract: This paper discusses the growth model with environmental constraints recently presented in (Acemoglu et al., 2011) which focuses on the redirection of technical change by climate policies with research subsidies and a carbon tax. First, Acemoglu et al.'s model and chosen parameters yield numerical results that do not support the conclusion that ambitious climate policies can be conducted " without sacrificing (much or any) long-run growth ". Second, they select unrealistic key parameters for carbon sinks and elasticity of substitution. We find that more realistic parameters lead to very different results. Third, the model leads to an unrealistic conclusion when used to analyse endogenous growth, suggesting specification problems.

Keywords: Technological change; Endogenous growth; Climate change; Energy substituability; modèle de croissance; politique climatique; transition technologique; taxe carbone; puits de carbone (search for similar items in EconPapers)
Date: 2011-11
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-00866435
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Working Paper: The Environment and Directed Technical Change: Comment (2011) Downloads
Working Paper: The Environment and Directed Technical Change: Comment (2011) Downloads
Working Paper: The environment and directed technical change: comment (2011) Downloads
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