English, Article, Journal or magazine article edition: Cost Containment in Climate Change Policy: Alternative Approaches to Mitigating Price Volatility Gilbert E. Metcalf

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Bookmark: http://trove.nla.gov.au/version/141235
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Cost Containment in Climate Change Policy: Alternative Approaches to Mitigating Price Volatility
Author
  • Gilbert E. Metcalf
Physical Description
  • preprint
Notes
  • Cap and trade systems are emerging as the front-running policy choice to address climate change concerns in many countries. One of the apparent attractions of this approach is the ability to achieve hard limits on emissions over a control period. The cost of achieving this certainty on emission limits is price volatility. I discuss and evaluate various approaches within cap and trade systems to reduce price volatility. A fundamental trade-off exists between certainty of emission limits and price volatility. A pure carbon tax sacrifices certainty of emission limits in favor of price stability. I discuss how a hybrid carbon tax can be designed to achieve a balance between price stability and emissions certainty. This hybrid, dubbed the Responsive Emissions Autonomous Carbon Tax (REACT), combines the short-run price stability of a carbon tax with the long-run certainty of emission reductions over a control period.
  • RePEc:nbr:nberwo:15125
Language
  • English
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