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Global Warming Policy: A Public Finance Perspective

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  • James M. Poterba

Abstract

In the last few years, a substantial volume of research has considered the design of taxes to slow greenhouse gas emissions as well as the economic effects of such policies. In this paper, I summarize the insights that have emerged from this work. I begin by explaining that while efficiency considerations create a presumption for using coordinated international policies to alter greenhouse gas emissions, the prospects for such action are bleak. Then I focus on the public finance of carbon taxes at the national level, considering the design of such taxes as well as their incidence across and within nations. Next, I focus on greenhouse gas emission policies that could be enacted in less-developed countries, such as the elimination of fossil fuel subsidies and other policies to slow deforestation. Finally I suggest several promising directions for future study.

Suggested Citation

  • James M. Poterba, 1993. "Global Warming Policy: A Public Finance Perspective," Journal of Economic Perspectives, American Economic Association, vol. 7(4), pages 47-63, Fall.
    • Handle: RePEc:aea:jecper:v:7:y:1993:i:4:p:47-63
    Note: DOI: 10.1257/jep.7.4.47
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.7.4.47
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    References listed on IDEAS

    as
    1. Poterba, James M, 1989. "Lifetime Incidence and the Distributional Burden of Excise Taxes," American Economic Review, American Economic Association, vol. 79(2), pages 325-330, May.
    2. Poterba, James M & Rotemberg, Julio J & Summers, Lawrence H, 1986. "A Tax-Based Test for Nominal Rigidities," American Economic Review, American Economic Association, vol. 76(4), pages 659-675, September.
    3. Peter Hoeller & Jonathan Coppel, 1992. "Energy Taxation and Price Distortions in Fossil Fuel Markets: Some Implications for Climate Change Policy," OECD Economics Department Working Papers 110, OECD Publishing.
    4. Peter A. Diamond, 1973. "Consumption Externalities and Imperfect Corrective Pricing," Bell Journal of Economics, The RAND Corporation, vol. 4(2), pages 526-538, Autumn.
    5. Schelling, Thomas C, 1992. "Some Economics of Global Warming," American Economic Review, American Economic Association, vol. 82(1), pages 1-14, March.
    6. William R. Cline, 1992. "Economics of Global Warming, The," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 39, October.
    7. Richard Schmalensee, 1993. "Comparing Greenhouse Gases for Policy Purposes," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 245-256.
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    More about this item

    JEL classification:

    • Q28 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Government Policy

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