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The Macroeconomics of Emission Permits: Simple Stylized Frameworks for Short-Run Policy Analysis

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  • Arslan Razmi

    (Department of Economics, University of Massachusetts, Amherst, MA 01003, USA.)

Abstract

Environmental economics has mostly focused on micro issues pertaining to welfare and efficiency analysis. I develop a general framework to address short-run issues both for a closed economy and for an open one where emission permits are globally traded. Fiscal policy and emission permit issuance can both be used as short-run stabilization tools in a closed economy although the former is ineffective in a small open economy. In a large open economy, issuing emission permits in excess of international agreements remains an effective instrument, although it acts as a beggar-thy-neighbor policy, highlighting the crucial role of global monitoring on macroeconomic grounds.

Suggested Citation

  • Arslan Razmi, 2016. "The Macroeconomics of Emission Permits: Simple Stylized Frameworks for Short-Run Policy Analysis," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 42(1), pages 29-45, January.
    • Handle: RePEc:pal:easeco:v:42:y:2016:i:1:p:29-45
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