The aggregate effects of the structure of information in low-carbon transition policies: An application to France

Darius Corbier and Frederic Gonand
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Darius Corbier: RFF-CMCC European Institute on Economics and the Environment (Milan)

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Abstract: Whether the agents anticipate or not the low-carbon policies in the power system in the long run may influence the macroeconomic impacts of these policies. We combine a hybrid model that links a core dynamic general equilibrium model calibrated on French data to an optimization model for the power generation mix that characterizes the optimal development of each technology in the long run. The results show how the effects of the low-carbon energy transition on decarbonization, growth, and households' well-being depend on whether the agents anticipate or not the decarbonization plan. Investment in durable goods and physical capital plays a critical role in explaining the results. Unanticipated low-carbon policies may result in slower decarbonization of the economy and higher economic growth.

Keywords: Low-carbon energy transition; General equilibrium; Hybrid modeling; Power system; Interfuel elasticities (search for similar items in EconPapers)
Date: 2023
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Published in Energy and Climate Change, 2023, 4, ⟨10.1016/j.egycc.2023.100115⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04490115

DOI: 10.1016/j.egycc.2023.100115

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