Environmental Macroeconomics: Simple Stylized Frameworks for Short-Run Analysis
Environmental economics has mostly focused on micro issues pertaining to welfare and efficiency analysis. I develop a general framework to address short-run issues both for a closed economy and for an open one where emission permits are globally traded. Fiscal policy and emission permit issuance can both be used as short-run stabilization tools in a closed economy although the former is ineffective in a small open economy. In a large open economy, issuing emission permits in excess of international agreements remains an effective instrument, although it acts as a beggar-thy-neighbor policy, highlighting the crucial role of global monitoring on macroeconomic grounds. JEL Categories:
|Date of creation:||Feb 2013|
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- Sim, Nicholas C.S., 2006. "Environmental Keynesian macroeconomics: Some further discussion," Ecological Economics, Elsevier, vol. 59(4), pages 401-405, October.
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LSE Research Online Documents on Economics
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- Herman E. Daly, 1991. "Towards an Environmental Macroeconomics," Land Economics, University of Wisconsin Press, vol. 67(2), pages 255-259.
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