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Global warming policy: some economic implications

  • Stephen P. A. Brown

Many analysts believe that the emissions of greenhouse gases resulting from human activity are contributing to global warming, but the linkage is highly uncertain. The largest such source of these gases is carbon dioxide (CO2) from the growing consumption of fossil fuels. Consequently, the conservation of fossil fuels figures prominently in any strategy to reduce the threat of global warming. Because there is considerable uncertainty about the benefits of reducing CO2 emissions but the costs of conservation can be readily quantified, some analysts have suggested that reducing the emissions is like insurance. In this article, Stephen Brown integrates a growing literature on the damage caused by global warming with a world energy model to do a cost-benefit analysis of U.S. compliance with the accord adopted at the United Nations conference on global warming held in late 1997. His analysis shows that reducing U.S. emissions to comply with the accord would represent too much insurance against global warming.

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File URL: http://www.dallasfed.org/assets/documents/research/er/1998/er9804c.pdf
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Article provided by Federal Reserve Bank of Dallas in its journal Economic and Financial Policy Review.

Volume (Year): (1998)
Issue (Month): Q IV ()
Pages: 26-35

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Handle: RePEc:fip:fedder:y:1998:i:qiv:p:26-35
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  1. Stephen P. A. Brown & Hillard G. Huntington, 1994. "The Economic Cost Of U.S. Oil Conservation," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 42-53, 07.
  2. Carol Dahl & Mine Yucel, 1991. "Testing Alternative Hypotheses of Oil Producer Behavior," The Energy Journal, International Association for Energy Economics, vol. 0(Number 4), pages 117-138.
  3. Felder Stefan & Rutherford Thomas F., 1993. "Unilateral CO2 Reductions and Carbon Leakage: The Consequences of International Trade in Oil and Basic Materials," Journal of Environmental Economics and Management, Elsevier, vol. 25(2), pages 162-176, September.
  4. Eyckmans, Johan & Proost, Stef & Schokkaert, Erik, 1993. "Efficiency and Distribution in Greenhouse Negotiations," Kyklos, Wiley Blackwell, vol. 46(3), pages 363-97.
  5. Hope, Chris & Maul, Philip, 1996. "Valuing the impact of CO2 emissions," Energy Policy, Elsevier, vol. 24(3), pages 211-219, March.
  6. Darwin C. Hall, 1990. "Preliminary Estimates Of Cumulative Private And External Costs Of Energy," Contemporary Economic Policy, Western Economic Association International, vol. 8(3), pages 283-307, 07.
  7. Hoel Michael, 1994. "Efficient Climate Policy in the Presence of Free Riders," Journal of Environmental Economics and Management, Elsevier, vol. 27(3), pages 259-274, November.
  8. Bohm Peter, 1993. "Incomplete International Cooperation to Reduce CO2 Emissions: Alternative Policies," Journal of Environmental Economics and Management, Elsevier, vol. 24(3), pages 258-271, May.
  9. Alan S. Manne & Thomas F. Rutherford, 1994. "International Trade in Oil, Gas and Carbon Emission Rights: An Intertemporal General Equilibrium Model," The Energy Journal, International Association for Energy Economics, vol. 0(Number 1), pages 57-76.
  10. Nordhaus, William D, 1991. "A Sketch of the Economics of the Greenhouse Effect," American Economic Review, American Economic Association, vol. 81(2), pages 146-50, May.
  11. Stephen P.A. Brown & Mine K. Yücel, 1995. "Energy prices and state economic performance," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 13-23.
  12. Griffin, James M, 1985. "OPEC Behavior: A Test of Alternative Hypotheses," American Economic Review, American Economic Association, vol. 75(5), pages 954-63, December.
  13. Samuel Fankhauser, 1994. "The Social Costs of Greenhouse Gas Emissions: An Expected Value Approach," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 157-184.
  14. David M Newbery, 1992. "Should Carbon Taxes Be Additional to Other Transport Fuel Taxes?," The Energy Journal, International Association for Energy Economics, vol. 0(Number 2), pages 49-60.
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