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Faculty & Research

The Unequal Economic Consequences of Carbon Pricing - Diego Känzig

16 Mar
2023
2:00 pm
Jouy-en-Josas
English

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2023-03-16T14:00:00 2023-03-16T15:15:00 The Unequal Economic Consequences of Carbon Pricing - Diego Känzig Finance Speaker : Diego Känzig (Northwestern University) Place: room T209 Jouy-en-Josas

Finance

Speaker : Diego Känzig (Northwestern University)

Place: room T209

Abstract

This paper studies how carbon pricing affects emissions, economic aggregates and inequality. Exploiting institutional features of the European carbon market and high-frequency data, I identify a carbon policy shock. I find that a tighter carbon pricing regime leads to a significant increase in energy prices, a persistent fall in emissions and an uptick in green innovation. This comes at the cost of a temporary fall in economic activity, which is not borne equally across society: poorer households lower their consumption significantly while richer households are less affected. Not only are the poor more exposed because of their higher energy share, they also experience a larger fall in their income. These indirect, general-equilibrium effects turn out to be quantitatively important. My results suggest that targeted fiscal policy can reduce the economic costs of carbon pricing without compromising emission reductions.

Participate

Add to Calendar
2023-03-16T14:00:00 2023-03-16T15:15:00 The Unequal Economic Consequences of Carbon Pricing - Diego Känzig Finance Speaker : Diego Känzig (Northwestern University) Place: room T209 Jouy-en-Josas