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Transition to Clean Technology

Listed author(s):
  • Daron Acemoglu
  • Ufuk Akcigit
  • Douglas Hanley
  • William Kerr

We develop an endogenous growth model in which clean and dirty technologies compete in production. Research can be directed to either technology. If dirty technologies are more advanced, the transition to clean technology can be difficult. Carbon taxes and research subsidies may encourage production and innovation in clean technologies, though the transition will typically be slow. We estimate the model using microdata from the US energy sector. We then characterize the optimal policy path that heavily relies on both subsidies and taxes. Finally, we evaluate various alternative policies. Relying only on carbon taxes or delaying intervention has significant welfare costs.

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File URL: http://dx.doi.org/10.1086/684511
Download Restriction: Access to the online full text or PDF requires a subscription.

File URL: http://dx.doi.org/10.1086/684511
Download Restriction: Access to the online full text or PDF requires a subscription.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 124 (2016)
Issue (Month): 1 ()
Pages: 52-104

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Handle: RePEc:ucp:jpolec:doi:10.1086/684511
Contact details of provider: Web page: http://www.journals.uchicago.edu/JPE/

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