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july 2021 nep dge blog nep dge blog discussion about the latest research in dynamic general equilibrium theory home about recycling carbon tax revenue to maximize welfare july 3 2021 by stephie fried kevin novan and william peterman http d repec org n u repec fip fedgfe 2021 23 r dge this paper explores how to recycle carbon tax revenue back to households to maximize welfare using a general equilibrium lifecycle model calibrated to reflect the heterogeneity in the u s economy we find the optimal policy uses two thirds of carbon tax revenue to reduce the distortionary tax on capital income while the remaining one third is used to increase the progressivity of the labor income tax the optimal policy attains higher welfare and more equality than the lump sum rebate approach preferred by policymakers as well as the approach originally prescribed by economists which called exclusively for reductions in distortionary taxes it turns out it is really difficult to convince people about carbon taxes they need to see direct benefits while indirect general equilibrium benefits are difficult to grasp this is one of those cases where you need to see what is politically feasible instead of what is economically best or you are stuck with the status quo too bad because here we have a great paper telling us how we could do the economically best leave a comment uncategorized permalink posted by christian zimmermann you are currently browsing the nep dge blog blog archives for july 2021 follow me on twitter my tweets nep blogs nep ara economics of the mena middle east and north africa nep dge dynamic general equilibrium nep his business economic and financial history nep int international trade nep ltv unemployment inequality and poverty nep opm open macroeconomics nep pay the cashless society blogroll calls for papers christian zimmermann your editor econacademics blog aggregator nep nep dge mailing list qm rbc repec repec blog society for economic dynamics subscribe rss posts rss 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