Data and Code for: "The Macroeconomic Impact of Europe’s Carbon Taxes"
Principal Investigator(s): View help for Principal Investigator(s) Gilbert E. Metcalf, Tufts University; James H. Stock, Harvard University. Department of Economics
Version: View help for Version V1
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Project Citation:
Metcalf, Gilbert E., and Stock, James H. Data and Code for: “The Macroeconomic Impact of Europe’s Carbon Taxes.” Nashville, TN: American Economic Association [publisher], 2022. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2022-09-16. https://doi.org/10.3886/E164521V1
Project Description
Summary:
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We estimate the macroeconomic
impacts of carbon taxes on GDP and employment growth rates using 30 years of
data on carbon taxation in various European countries. We find no evidence for a negative impact on
employment or GDP growth but rather find a zero to modest positive impact. We also find a cumulative emissions reduction
on the order of 4 to 6 percent for a $40/ton CO2 tax covering 30% of
emissions. Reductions would likely be
greater for a broad-based U.S. carbon tax since European carbon taxes typically
do not cover those sectors with the lowest marginal abatement costs.
Scope of Project
Subject Terms:
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climate change;
carbon taxes
JEL Classification:
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Q43 Energy and the Macroeconomy
Q54 Climate; Natural Disasters and Their Management; Global Warming
Q58 Environmental Economics: Government Policy
Q43 Energy and the Macroeconomy
Q54 Climate; Natural Disasters and Their Management; Global Warming
Q58 Environmental Economics: Government Policy
Geographic Coverage:
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Europe
Time Period(s):
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1990 – 2018
Collection Date(s):
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2018 – 2019
Universe:
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GDP and Employment in EU countries
Methodology
Unit(s) of Observation:
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country year observations
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