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Growth enhancing policy is the means to sustain the environment

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  • 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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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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  1. Guo, Jang-Ting & Lansing, Kevin J., 1999. "Optimal taxation of capital income with imperfectly competitive product markets," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 23(7), pages 967-995, June.
  2. Gene M. Grossman & Alan B. Krueger, 1994. "Economic Growth and the Environment," NBER Working Papers 4634, National Bureau of Economic Research, Inc.
  3. V. V. Chari & Patrick J. Kehoe, 1999. "Optimal Fiscal and Monetary Policy," NBER Working Papers 6891, National Bureau of Economic Research, Inc.
  4. Barro, Robert J., 1990. "Government Spending in a Simple Model of Endogeneous Growth," Scholarly Articles 3451296, Harvard University Department of Economics.
  5. Chamley, Christophe, 1986. "Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives," Econometrica, Econometric Society, Econometric Society, vol. 54(3), pages 607-22, May.
  6. Larry E. Jones & Rodolfo E. Manuelli, 2000. "Endogenous policy choice: the case of pollution and growth," Staff Report, Federal Reserve Bank of Minneapolis 276, Federal Reserve Bank of Minneapolis.
  7. 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, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 39(1), pages 1-31, February.
  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, University of Chicago Press, vol. 101(3), pages 485-517, June.
  9. Beverly Hirtle, 2008. "Credit derivatives and bank credit supply," Staff Reports, Federal Reserve Bank of New York 276, Federal Reserve Bank of New York.
  10. 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, Elsevier for the Society for Economic Dynamics, vol. 6(1), pages 37-53, January.
  11. John, A & Pecchenino, R, 1994. "An Overlapping Generations Model of Growth and the Environment," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 104(427), pages 1393-1410, November.
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