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The Carbon Tax, Ageing and Pension Deficits

Listed author(s):
  • Frédéric Gonand

    (LEDa - Laboratoire d'Economie de Dauphine - Université Paris-Dauphine)

Ageing increases the income of a carbon tax ceteris paribus since energy consumption rises with age, as macro and micro data show. Ageing also increases some public expenditures, notably those of pay-as-you-go (PAYG) pension systems. Accordingly, there may be a case for recycling a carbon tax in an ageing context so as to finance ageing-related public expenditures. This article studies the interacting effects on intergenerational equity and growth of such a recycling. It relies on a general equilibrium model with overlapping generations parameterised with empirical data. Several results emerge. Implementing a carbon tax fully recycled through higher lump-sum pensions weighs relatively more on the intertemporal welfare of young and future generations. A carbon tax fully recycled through lower social contributions financing the PAYG bolsters the wellbeing of young and future generations but weighs on the welfare of baby-boomers and older cohorts. The redistributive effects of recycling a carbon tax can depend significantly on the way used to balance the PAYG regime.

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Paper provided by HAL in its series Post-Print with number hal-01251698.

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Date of creation: 2015
Publication status: Published in Environmental Modeling and Assessment, 2015, <10.1007/s10666-015-9482-2>
Handle: RePEc:hal:journl:hal-01251698
DOI: 10.1007/s10666-015-9482-2
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-01251698
Contact details of provider: Web page: https://hal.archives-ouvertes.fr/

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