Carbon prices for the next thousand years
نویسندگان
چکیده
An open puzzle for climate-policy analysis is how policies could be made sensitive to climate change impacts spanning over centuries while keeping the shorterterm macroeconomic policies connected to the descriptive facts. We develop a tractable general-equilibrium model for climate-economy interactions with timedeclining pure discounting. The model resolves the puzzle: preferences over longterm climate outcomes can be expressed without sacrificing the description of the economy. The optimal carbon price shows a striking departure from the externality cost obtained from the economy’s aggregate statistics — the carbon price exceeds the economy’s imputed externality cost by multiple factors. (JEL classification: H43; H41; D61; D91; Q54; E21.
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