OVERVIEW of the EMF 32 STUDY on U.S. CARBON TAX SCENARIOS

James R. McFarland, Allen A. Fawcett, Adele C. Morris, John M. Reilly, Peter Wilcoxen

Research output: Contribution to journalArticle

6 Scopus citations

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.

Original languageEnglish (US)
Article number1840002
JournalClimate Change Economics
Volume9
Issue number1
DOIs
StatePublished - Feb 1 2018

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Keywords

  • Carbon tax
  • CGE models
  • climate change
  • model comparison
  • revenue recycling

ASJC Scopus subject areas

  • Global and Planetary Change
  • Economics and Econometrics
  • Management, Monitoring, Policy and Law

Cite this

McFarland, J. R., Fawcett, A. A., Morris, A. C., Reilly, J. M., & Wilcoxen, P. (2018). OVERVIEW of the EMF 32 STUDY on U.S. CARBON TAX SCENARIOS. Climate Change Economics, 9(1), [1840002]. https://doi.org/10.1142/S201000781840002X