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Does climate policy make the EU economy more resilient to oil price rises? A CGE analysis

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  • Maisonnave, Hélène
  • Pycroft, Jonathan
  • Saveyn, Bert
  • Ciscar, Juan-Carlos

Abstract

The European Union has committed itself to reduce greenhouse gas (GHG) emissions by 20% in 2020 compared with 1990 levels. This paper investigates whether this policy has an additional benefit in terms of economic resilience by protecting the EU from the macroeconomic consequences due to an oil price rise.

Suggested Citation

  • Maisonnave, Hélène & Pycroft, Jonathan & Saveyn, Bert & Ciscar, Juan-Carlos, 2012. "Does climate policy make the EU economy more resilient to oil price rises? A CGE analysis," Energy Policy, Elsevier, vol. 47(C), pages 172-179.
  • Handle: RePEc:eee:enepol:v:47:y:2012:i:c:p:172-179
    DOI: 10.1016/j.enpol.2012.04.053
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    References listed on IDEAS

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    1. James D. Hamilton, 2009. "Causes and Consequences of the Oil Shock of 2007-08," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 40(1 (Spring), pages 215-283.
    2. Kai Carstensen & Steffen Elstner & Georg Paula, 2011. "How Strongly Did the 2007/08 Oil Price Hike Contribute to the Subsequent Recession?," CESifo Working Paper Series 3357, CESifo Group Munich.
    3. Alain Bernard & Marc Vielle, 2008. "GEMINI-E3, a general equilibrium model of international–national interactions between economy, energy and the environment," Computational Management Science, Springer, vol. 5(3), pages 173-206, May.
    4. Fischer, Carolyn, 2001. "Rebating Environmental Policy Revenues: Output-Based Allocations and Tradable Performance Standards," Discussion Papers dp-01-22, Resources For the Future.
    5. Vielle, Marc & Viguier, Laurent, 2007. "On the climate change effects of high oil prices," Energy Policy, Elsevier, vol. 35(2), pages 844-849, February.
    6. Julie Rozenberg & Stéphane Hallegatte & Adrien Vogt-Schilb & Olivier Sassi & Céline Guivarch & Henri Waisman & Jean Charles Hourcade, 2010. "Climate policies as a hedge against the uncertainty on future oil supply," Post-Print hal-00667118, HAL.
    7. Lutz Kilian, 2008. "The Economic Effects of Energy Price Shocks," Journal of Economic Literature, American Economic Association, vol. 46(4), pages 871-909, December.
    8. Saveyn, Bert & Van Regemorter, Denise & Ciscar, Juan Carlos, 2011. "Economic analysis of the climate pledges of the Copenhagen Accord for the EU and other major countries," Energy Economics, Elsevier, vol. 33(S1), pages 34-40.
    9. Turton, Hal & Barreto, Leonardo, 2006. "Long-term security of energy supply and climate change," Energy Policy, Elsevier, vol. 34(15), pages 2232-2250, October.
    10. Aleklett, Kjell & Höök, Mikael & Jakobsson, Kristofer & Lardelli, Michael & Snowden, Simon & Söderbergh, Bengt, 2010. "The Peak of the Oil Age - Analyzing the world oil production Reference Scenario in World Energy Outlook 2008," Energy Policy, Elsevier, vol. 38(3), pages 1398-1414, March.
    11. Julie Rozenberg & Stéphane Hallegatte & Adrien Vogt-Schilb & Olivier Sassi & Céline Guivarch & Henri Waisman & Jean Charles Hourcade, 2010. "Climate policies as a hedge against the uncertainty on future oil supply," Working Papers hal-00866449, HAL.
    12. Yazid Dissou, 2005. "Output-Based Emissions Allowances and the Equity-Efficiency Trade-off," Working Papers 0505E, University of Ottawa, Department of Economics.
    13. Conrad, K & Schroder, M, 1991. "Demand for Durable and Nondurable Goods, Environmental Policy and Consumer Welfare," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 6(3), pages 271-286, July-Sept.
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    Cited by:

    1. repec:eee:enepol:v:108:y:2017:i:c:p:281-291 is not listed on IDEAS
    2. Gracceva, Francesco & Zeniewski, Peter, 2014. "A systemic approach to assessing energy security in a low-carbon EU energy system," Applied Energy, Elsevier, vol. 123(C), pages 335-348.
    3. Alban Kitous & Bert Saveyn & Steve Gervais & Tobias Wiesenthal & Antonio Soria, 2013. "Analysis of the Iran Oil Embargo," JRC Working Papers JRC77983, Joint Research Centre (Seville site).
    4. repec:eee:eneeco:v:68:y:2017:i:c:p:192-198 is not listed on IDEAS
    5. Sakamoto, Tomoyuki & Managi, Shunsuke, 2015. "Energy pricing impact on domestic economy under recent climate action," Economic Analysis and Policy, Elsevier, vol. 48(C), pages 150-162.
    6. Zoi Vrontisi & Alban Kitous & Bert Saveyn & Toon Vandyck, 2015. "Impact of low oil prices on the EU economy," JRC Working Papers JRC98188, Joint Research Centre (Seville site).

    More about this item

    Keywords

    Climate policy; Oil prices; Computable general equilibrium (CGE);

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • Q40 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - General

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