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Overview Of The Emf 32 Study On U.S. Carbon Tax Scenarios

Author

Listed:
  • JAMES R. MCFARLAND

    (#x2020;U.S. Environmental Protection Agency, 1200 Pennsylvania Avenue NW, Washington, DC 20460, USA)

  • ALLEN A. FAWCETT

    (#x2020;U.S. Environmental Protection Agency, 1200 Pennsylvania Avenue NW, Washington, DC 20460, USA)

  • ADELE C. MORRIS

    (#x2021;Brookings Institution, 1775 Massachusetts Ave, NW Washington, DC 20036, USA)

  • JOHN M. REILLY

    (#xA7;Joint Program on the Science and Policy of Global Change, Massachusetts Institute of Technology, 77 Massachusetts Avenue, Cambridge, MA 02139, USA)

  • PETER J. WILCOXEN

    (#x2021;Brookings Institution, 1775 Massachusetts Ave, NW Washington, DC 20036, USA¶Maxwell School, Syracuse University and Brookings, NY, USA)

Abstract

The Energy Modeling Forum (EMF) 32 study on carbon tax scenarios analyzed a set of illustrative policies in the United States that place an economy-wide tax on fossil-fuel-related carbon dioxide (CO2) emissions, a carbon tax for short. Eleven modeling teams ran these stylized scenarios, which vary by the initial carbon tax rate, the rate at which the tax escalates over time, and the use of the revenues. Modelers reported their results for the effects of the policies, relative to a reference scenario that does not include a carbon tax, on emissions, economic activity, and outcomes within the U.S. energy system. This paper explains the scenario design, presents an overview of the results, and compares results from the participating models. In particular, we compare various outcomes across the models, such as emissions, revenue, gross domestic product, sectoral impacts, and welfare.

Suggested Citation

  • James R. Mcfarland & Allen A. Fawcett & Adele C. Morris & John M. Reilly & Peter J. Wilcoxen, 2018. "Overview Of The Emf 32 Study On U.S. Carbon Tax Scenarios," Climate Change Economics (CCE), World Scientific Publishing Co. Pte. Ltd., vol. 9(01), pages 1-37, February.
    • Handle: RePEc:wsi:ccexxx:v:09:y:2018:i:01:n:s201000781840002x
    DOI: 10.1142/S201000781840002X
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