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Analytical General Equilibrium Effects of Energy Policy on Output and Factor Prices

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  • Don Fullerton
  • Garth Heutel

Abstract

Using an analytical general equilibrium model, we find closed form solutions for the effect of energy policy on factor prices and output prices. We calibrate the model to the US economy, and we consider a tax on carbon. By looking at expenditure and income patterns across household groups, we quantify the uses-side and sources-side incidence of the tax. When households are categorized either by annual income or by total annual consumption as a proxy for permanent income, the uses-side incidence is regressive. This result is robust to sensitivity analysis over various parameter values. The sources-side incidence is also regressive, but this result is sensitive to parameter values. Incidence results across regions are also presented.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15788.

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Date of creation: Feb 2010
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Publication status: published as Don Fullerton & Garth Heutel, 2011. "Analytical General Equilibrium Effects of Energy Policy on Output and Factor Prices," The B.E. Journal of Economic Analysis & Policy, Berkeley Electronic Press, vol. 10(2), pages 15.
Handle: RePEc:nbr:nberwo:15788

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Cited by:
  1. Bowen, Alex, 2012. "'Green'growth,'green'jobs and labor markets," Policy Research Working Paper Series 5990, The World Bank.
  2. Gilbert E. Metcalf & Aparna Mathur & Kevin A. Hassett, 2010. "Distributional Impacts in a Comprehensive Climate Policy Package," Discussion Papers Series, Department of Economics, Tufts University, Department of Economics, Tufts University 0752, Department of Economics, Tufts University.
  3. Don Fullerton & Garth Heutel & Gilbert Metcalf, 2011. "Does the Indexing of Government Transfers Make Carbon Pricing Progressive?," CESifo Working Paper Series 3315, CESifo Group Munich.
  4. Fullerton, Don & Monti, Holly, 2013. "Can pollution tax rebates protect low-wage earners?," Journal of Environmental Economics and Management, Elsevier, vol. 66(3), pages 539-553.
  5. Alex Bowen, 2012. "‘Green’ growth, ‘green’ jobs and labour markets," Grantham Research Institute on Climate Change and the Environment Working Papers, Grantham Research Institute on Climate Change and the Environment 76, Grantham Research Institute on Climate Change and the Environment.

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