English, Article, Journal or magazine article edition: Timing of innovation policies when carbon emissions are restricted: an applied general equilibrium analysis Tom-Reiel Heggedal and Karl Jacobsen

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Bookmark: http://trove.nla.gov.au/version/41281
Physical Description
  • preprint
Language
  • English

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Title
  • Timing of innovation policies when carbon emissions are restricted: an applied general equilibrium analysis
Author
  • Tom-Reiel Heggedal and Karl Jacobsen
Physical Description
  • preprint
Notes
  • This paper studies the timing of subsidies for environmental research and development (R&​D) and how innovation policy is influenced by the costs of emissions. We use a dynamic computable general equilibrium (CGE) model with both general R&​D and specific environmental R&​D. We find two results that are important when subsidizing environmental R&​D in order to target inefficiencies in the research markets. Firstly, the welfare gain from subsidies is larger when the costs of emissions are higher. This is because a high carbon tax increases the social (efficient) investment in environmental R&​D, in excess of the private investment in R&​D. Secondly, the welfare gain is greater when there is a falling time profile of the rate of subsidies for environmental R&​D, rather than a constant or increasing profile. The reason is that the innovation externalities are larger in early periods.
  • Applied general equilibrium; endogenous growth; research and development; carbon emissions.
  • RePEc:ssb:dispap:536
Language
  • English
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