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A Global Approach to Energy and the Environment

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  • McKibbin, Warwick J.
  • Wilcoxen, Peter J.

Abstract

G-Cubed is a multi-country, multi-sector, intertemporal general equilibrium model that has been used to study a variety of policies in the areas of environmental regulation, tax reform, monetary and fiscal policy, and international trade. It is designed to bridge the gaps between three areas of research – econometric general equilibrium modeling, international trade theory, and modern macroeconomics – by incorporating the best features of each. This chapter describes the theoretical and empirical structure of the model, summarizes its applications and contributions to the literature, and discusses two example applications in detail.

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This chapter was published in:

  • Peter B. Dixon & Dale Jorgenson (ed.), 2012. "Handbook of Computable General Equilibrium Modeling," Handbook of Computable General Equilibrium Modeling, Elsevier, edition 1, volume 1, number 1.
    This item is provided by Elsevier in its series Handbook of Computable General Equilibrium Modeling with number v:1:y:2013:i:c:p:995-1068.

    Handle: RePEc:eee:hacchp:v:1:y:2013:i:c:p:995-1068

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    Web page: http://store.elsevier.com/Handbook-of-Computable-General-Equilibrium-Modeling/isbn-9780444536341/

    Related research

    Keywords: Intertemporal modeling; international trade; international finance; energy policy; environmental policy; monetary and fiscal policy; trade liberalization; trade agreements; tax policy; climate policy; financial crises; pandemics; demographic change; C54; C68; D58; E27; E44; E6; F1; F21; F3; F4; H23; H6; J11; O24; O4; O5; Q3; Q4; Q5;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Weil, Philippe, 1989. "Overlapping families of infinitely-lived agents," Journal of Public Economics, Elsevier, vol. 38(2), pages 183-198, March.
    2. W. J. McKibbin & T. J. Bok, . "The Impact on the Asia-Pacific Region of Fiscal Policy of the United States and Japan," Discussion Papers 120, Brookings Institution International Economics.
    3. Bovenberg, A.L. & Gordon, R.H., 1996. "Why is capital so immobile internationally? Possible explanation and implications for capital income taxation," Open Access publications from Tilburg University urn:nbn:nl:ui:12-73564, Tilburg University.
    4. Warwick J. McKibbin & Martin T. Ross & Robert Shackleton & Peter J. Wilcoxen, 1999. "Emissions Trading, Capital Flows and the Kyoto Protocol," The Energy Journal, International Association for Energy Economics, vol. 0(Special I), pages 287-333.
    5. Jong-Wha Lee & Warwick J. McKibbin & Yung Chul Park, 2006. "Transpacific Trade Imbalances: Causes and Cures," Discussion Paper Series 0601, Institute of Economic Research, Korea University.
    6. ANDERSON, KYM & McKIBBIN, WARWICK J., 2000. "Reducing coal subsidies and trade barriers: their contribution to greenhouse gas abatement," Environment and Development Economics, Cambridge University Press, vol. 5(04), pages 457-481, October.
    7. McKibbin, Warwick J. & Shackleton, Robert & Wilcoxen, Peter J., 1999. "What to expect from an international system of tradable permits for carbon emissions," Resource and Energy Economics, Elsevier, vol. 21(3-4), pages 319-346, August.
    8. Warwick J. McKibbin & Adele Morris & Peter J. Wilcoxen & Yiyong Cai, 2009. "Consequences Of Alternative U.S. Cap-And-Trade Policies: Controlling Both Emissions And Costs," CAMA Working Papers 2009-18, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    9. Shoven, John B & Whalley, John, 1984. "Applied General-Equilibrium Models of Taxation and International Trade: An Introduction and Survey," Journal of Economic Literature, American Economic Association, vol. 22(3), pages 1007-51, September.
    10. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
    11. Campbell, John Y. & Mankiw, N. Gregory, 1990. "Permanent Income, Current Income, and Consumption," Scholarly Articles 3353762, Harvard University Department of Economics.
    12. Burniaux, Jean-Marc & Truong Truong, 2002. "GTAP-E: An Energy-Environmental Version of the GTAP Model," GTAP Technical Papers 923, Center for Global Trade Analysis, Department of Agricultural Economics, Purdue University.
    13. Treadway, Arthur B, 1969. "On Rational Entrepreneurial Behaviour and the Demand for Investment," Review of Economic Studies, Wiley Blackwell, vol. 36(106), pages 227-39, April.
    14. Warwick J. McKibbin & Zhi Wang & William Coyle, 2001. "The Asian Financial Crisis and Global Adjustments: Implications for US Agriculture," The Japanese Economic Review, Japanese Economic Association, vol. 52(4), pages 471-490.
    15. Jorgenson, Dale W. & Wilcoxen, Peter J., 1990. "Intertemporal general equilibrium modeling of U.S. environmental regulation," Journal of Policy Modeling, Elsevier, vol. 12(4), pages 715-744.
    16. Uzawa, H, 1969. "Time Preference and the Penrose Effect in a Two-Class Model of Economic Growth," Journal of Political Economy, University of Chicago Press, vol. 77(4), pages 628-52, Part II, .
    17. A. Lans Bovenberg & Lawrence H. Goulder, 1994. "Optimal Environmental Taxation in the Presence of Other Taxes: General Equilibrium Analyses," NBER Working Papers 4897, National Bureau of Economic Research, Inc.
    18. Hayashi, Fumio, 1982. "The Permanent Income Hypothesis: Estimation and Testing by Instrumental Variables," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 895-916, October.
    19. Warwick McKibbin, 1997. "Which Monetary-policy Regime for Australia?," RBA Annual Conference Volume, in: Philip Lowe (ed.), Monetary Policy and Inflation Targeting Reserve Bank of Australia.
    20. Jong-Wha Lee & Warwick J. McKibbin, 2003. "Globalization and Disease: The Case of SARS," Departmental Working Papers 2003-16, The Australian National University, Arndt-Corden Department of Economics.
    21. McKibbin, Warwick J. & Pearce, David & Stegman, Alison, 2007. "Long term projections of carbon emissions," International Journal of Forecasting, Elsevier, vol. 23(4), pages 637-653.
    22. Charles L. Ballard & Don Fullerton & John B. Shoven & John Whalley, 1985. "Introduction to "A General Equilibrium Model for Tax Policy Evaluation"," NBER Chapters, in: A General Equilibrium Model for Tax Policy Evaluation, pages 1-5 National Bureau of Economic Research, Inc.
    23. McKibbin, W.J. & Salvatore, D., 1995. "The Global Economic Consequences of the Uruguay Round," Papers 110, Brookings Institution - Working Papers.
    24. Ballard, Charles L. & Fullerton, Don & Shoven, John B. & Whalley, John, 2009. "A General Equilibrium Model for Tax Policy Evaluation," National Bureau of Economic Research Books, University of Chicago Press, edition 0, number 9780226036335, April.
    25. Andrew B. Abel & Olivier J. Blanchard, 1982. "An Intertemporal Model of Saving and Investment," NBER Working Papers 0885, National Bureau of Economic Research, Inc.
    26. McKibbin, Warwick J. & Bok, Tomas, 2001. "The European Monetary Union: were there alternatives to the ECB?: A quantitative evaluation," Journal of Policy Modeling, Elsevier, vol. 23(7), pages 775-806, October.
    27. Warwick J. McKibbin & Peter J. Wilcoxen, 2002. "The Role of Economics in Climate Change Policy," Journal of Economic Perspectives, American Economic Association, vol. 16(2), pages 107-129, Spring.
    28. Dale W. Henderson & Warwick J. McKibbin, 1993. "A comparison of some basic monetary policy regimes for open economies: implications of different degrees of instrument adjustment and wage persistence," International Finance Discussion Papers 458, Board of Governors of the Federal Reserve System (U.S.).
    29. Reinhard Neck & Gottfried Haber & Warwick Mckibbin, 2000. "Macroeconomic impacts of European union membership of central and eastern European economies," Atlantic Economic Journal, International Atlantic Economic Society, vol. 28(1), pages 71-82, March.
    30. Hamid Faruqee, 2002. "Debt, Deficits, and Age-Specific Mortality," IMF Working Papers 02/19, International Monetary Fund.
    31. Warwick J McKibbin & K K Tang, 1998. "The Global Economic Impacts of Trade and Financial Reform in China," Departmental Working Papers 1998-08, The Australian National University, Arndt-Corden Department of Economics, revised Sep 1998.
    32. Warwick J. McKibbin & Adele C. Morris & Peter J. Wilcoxen, 2010. "Comparing Climate Commitments: A Model-Based Analysis of the Copenhagen Accord," CAMA Working Papers 2010-24, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    33. Warwick J. McKibbin & Peter J Wilcoxen, 2003. "Estimates of the Costs of Kyoto-Marrakesh Versus The McKibbin-Wilcoxen Blueprint," Departmental Working Papers 2003-14, The Australian National University, Arndt-Corden Department of Economics.
    34. Warwick J. McKibbin & Andrew B. Stoeckel, 2012. "Global Fiscal Consolidation," Asian Economic Papers, MIT Press, vol. 11(1), pages 124-146, February.
    35. Warwick J. McKibbin & Kang Yong Tan, 2006. "Learning And International Transmission Shocks," CAMA Working Papers 2007-01, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    36. McKibbin, Warwick J. & Wilcoxen, Peter J., 2009. "Uncertainty and climate change policy design," Journal of Policy Modeling, Elsevier, vol. 31(3), pages 463-477, May.
    37. Warwick J. McKibbin, 2005. "The Global Macroeconomic Consequences Of A Demographic Transition," CAMA Working Papers 2006-06, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    38. Lawrence H. Goulder & Lawrence H. Summers, 1987. "Tax Policy, Asset Prices, and Growth: A General Equilibrium Analysis," NBER Working Papers 2128, National Bureau of Economic Research, Inc.
    39. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
    40. Warwick J. McKibbin & Andrew Stoeckel, 2010. "The Global Financial Crisis: Causes and Consequences," Asian Economic Papers, MIT Press, vol. 9(1), pages 54-86, January.
    41. Manchester, Joyce & McKibbin, Warwick J, 1994. "The Macroeconomic Consequences of the Savings and Loan Debacle," The Review of Economics and Statistics, MIT Press, vol. 76(3), pages 579-84, August.
    42. Warwick McKibbin & Peter Wilcoxen & Wing Thye Woo, 2008. "China Can Grow And Still Help Prevent The Tragedy Of The Co2 Commons," CAMA Working Papers 2008-14, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    43. Warwick McKibbin & Adele Morris & Peter Wilcoxen, 2009. "A Copenhagen Collar: Achieving Comparable Effort Through Carbon Price Agreements," CAMA Working Papers 2009-29, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    44. McKibbin, Warwick J. & Chanthapun, Waranya Pim, 2009. "Exchange Rate Regimes in the Asia-Pacific Region and the Global Financial Crisis," Working Papers on Regional Economic Integration 36, Asian Development Bank.
    45. Chand, Satish, 1999. "Trade Liberalization and Productivity Growth: Time-Series Evidence from Australian Manufacturing," The Economic Record, The Economic Society of Australia, vol. 75(228), pages 28-36, March.
    46. Jean-Marc Burniaux & John P. Martin & Giuseppe Nicoletti & Joaquim Oliveira Martins, 1992. "GREEN a Multi-Sector, Multi-Region General Equilibrium Model for Quantifying the Costs of Curbing CO2 Emissions: A Technical Manual," OECD Economics Department Working Papers 116, OECD Publishing.
    47. Warwick McKibbin & Alexandra Sidorenko, 2006. "Global Macroeconomic Consequences of Pandemic Influenza," CAMA Working Papers 2006-26, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    48. Warwick J. McKibbin & Jeremy Nguyen, 2004. "Modelling Global Demographic Change:Results For Japan," CAMA Working Papers 2004-03, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    49. Warwick J. McKibbin, 2002. "Macroeconomic Policy in Japan," Asian Economic Papers, MIT Press, vol. 1(2), pages 133-165.
    50. Joyce Manchester & Warwick Mckibbin, 1995. "The global macroeconomics of NAFTA," Open Economies Review, Springer, vol. 6(3), pages 203-223, July.
    51. Flavin, Marjorie A, 1981. "The Adjustment of Consumption to Changing Expectations about Future Income," Journal of Political Economy, University of Chicago Press, vol. 89(5), pages 974-1009, October.
    52. McKibbin Warwick J., 1994. "Dynamic Adjustment to Regional Integration: Europe 1992 and NAFTA," Journal of the Japanese and International Economies, Elsevier, vol. 8(4), pages 422-453, December.
    53. Joseph E. Gagnon & Paul R. Masson & Warwick J. McKibbin, 1996. "German unification: what have we learned from multi-country models?," International Finance Discussion Papers 547, Board of Governors of the Federal Reserve System (U.S.).
    54. Joseph E. Gagnon & Paul R. Masson & Warwick J. McKibbin, 1996. "German Unification," IMF Working Papers 96/43, International Monetary Fund.
    55. Warwick McKibbin & Jong-Wha Lee & Inkyo Cheong, 2004. "A dynamic analysis of the Korea-Japan free trade area: simulations with the G-cubed Asia-Pacific model," International Economic Journal, Taylor & Francis Journals, vol. 18(1), pages 3-32.
    56. Warwick J. McKibbin, 2006. "Global Energy and Environmental Impacts of an Expanding China," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 14(4), pages 38-56.
    57. McKibbin, Warwick J. & Pagan, Adrian R. & Robertson, John C., 1998. "Some experiments in constructing a hybrid model for macroeconomic analysis," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 49(1), pages 113-142, December.
    58. repec:fth:michin:358 is not listed on IDEAS
    59. McKibbin, Warwick J & Vines, David, 2000. "Modelling Reality: The Need for Both Inter-temporal Optimization and Stickiness in Models for Policy-Making," Oxford Review of Economic Policy, Oxford University Press, vol. 16(4), pages 106-37, Winter.
    60. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
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