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Growth enhancing policy is the means to sustain the environment

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Author Info

  • George Economides

    (Athens University of Economics and Busines)

  • Apostolis Philippopoulos

    (Athens University of Economics and Business)

Abstract

We study Ramsey second-best optimal policy in a general equilibrium model of growth with renewable natural resources. Natural resources are depleted by private economic activity, but they can also be maintained by public policy. The government uses distorting taxes to finance infrastructure services and cleanup policy. Policy instruments (the tax rates and the allocation of tax revenue between infrastructure and cleanup) are chosen by solving a Ramsey-type policy problem. The more the representative citizen cares about the environment, the more growth-enhancing policies a Ramsey government should choose. (Copyright: Elsevier)

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File URL: http://dx.doi.org/10.1016/j.red.2007.05.001
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Bibliographic Info

Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 11 (2008)
Issue (Month): 1 (January)
Pages: 207-219

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Handle: RePEc:red:issued:06-111

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Related research

Keywords: Second-best policy; Natural resources; Economic growth;

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References

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  1. Grossman, Gene M & Krueger, Alan B, 1995. "Economic Growth and the Environment," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 353-77, May.
  2. Guo, Jang-Ting & Lansing, Kevin J., 1999. "Optimal taxation of capital income with imperfectly competitive product markets," Journal of Economic Dynamics and Control, Elsevier, vol. 23(7), pages 967-995, June.
  3. Larry E. Jones & Rodolfo E. Manuelli, 2001. "Endogenous Policy Choice: The Case of Pollution and Growth," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(2), pages 369-405, July.
  4. John, A & Pecchenino, R, 1994. "An Overlapping Generations Model of Growth and the Environment," Economic Journal, Royal Economic Society, vol. 104(427), pages 1393-1410, November.
  5. Chamley, Christophe, 1986. "Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives," Econometrica, Econometric Society, vol. 54(3), pages 607-22, May.
  6. Barro, Robert J, 1990. "Government Spending in a Simple Model of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages S103-26, October.
  7. Chari, V.V. & Kehoe, Patrick J., 1999. "Optimal fiscal and monetary policy," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 26, pages 1671-1745 Elsevier.
  8. Jones, Larry E & Manuelli, Rodolfo E & Rossi, Peter E, 1993. "Optimal Taxation in Models of Endogenous Growth," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 485-517, June.
  9. Stokey, Nancy L, 1998. "Are There Limits to Growth?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 1-31, February.
  10. George Economides & Apostolis Philippopoulos, 2008. "Growth enhancing policy is the means to sustain the environment," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 11(1), pages 207-219, January.
  11. George Economides & Apostolis Philippopoulos, 2003. "Are Nash Tax Rates too Low or Too High? The Role of Endogenous Growth in Models with Public Goods," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(1), pages 37-53, January.
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