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Taxing Fossil Fuels under Speculative Storage
Semih TumenDeren UnalmisIbrahim UnalmisMs.Filiz Unsal
出版International Monetary Fund, 2014-12-18
主題Nature / Natural ResourcesScience / EnergyBusiness & Economics / Economics / Macroeconomics
ISBN14983699289781498369923
URLhttp://books.google.com.hk/books?id=1snFBgAAQBAJ&hl=&source=gbs_api
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註釋This paper investigates the mechanisms through which environmental taxes on fossil fuel usage can affect the main macroeconomic variables in the short-run. We concentrate on a particular mechanism: speculative storage. The existence of forward-looking speculators in the model improves the effectiveness of tax policies in reducing fossil fuel usage. Improved policy effectiveness, however, is costly: it drives inflation and interest rates up, while impeding output. Based on this tradeoff, we seek an answer to the question how monetary policy should interact with environmental tax policies in our DSGE model of fossil fuel storage.