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UID:159da83b4774185e286aa3127fafb00d
CATEGORIES:Seminars
CREATED:20250203T083150
SUMMARY:Marcelo Pedroni - University of Amsterdam
DESCRIPTION;ENCODING=QUOTED-PRINTABLE:\n\nOptimal Climate Policy with Incomplete Markets \n\n\nAbstract:\nThis pa
 per examines dynamic, optimal climate policy in a fiscal climate-economy mo
 del with incomplete markets. Initially, in a simple two-period model, we is
 olate several mechanisms through which inequality, risk, and borrowing cons
 traints affect optimal climate policy. We then introduce a new fiscal clima
 te-economy framework with incomplete markets, which we calibrate to reflect
  critical aspects of the U.S. economy, particularly household inequality an
 d risk, carbon emissions, and abatement technologies. Within this framework
 , we solve a Ramsey problem for a government that has access to multiple in
 struments, including carbon taxes and government debt. In all scenarios, op
 timal carbon taxes grow at a faster rate than GDP until the economy reaches
  carbon neutrality. Moreover, we show that granting the planner the flexibi
 lity to determine the timing of debt and lump-sum transfers significantly a
 ffects redistribution, insurance, aggregate variables, and welfare. Yet, su
 rprisingly, this flexibility has minimal influence on the optimal trajector
 y of climate policy.\n
DTSTAMP:20260501T195907Z
DTSTART:20250331T163000Z
DTEND:20250331T180000Z
SEQUENCE:0
TRANSP:OPAQUE
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