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  1. Second-best climate policies to decarbonize the economy: commitment and the Green Paradox

    Rezai, Armon; van der Ploeg, Frederick
    Climate change must deal with two market failures: global warming and learning by doing in renewable energy production. The first-best policy consists of an aggressive renewables subsidy in the near term and a gradually rising and falling carbon tax. Given that global carbon taxes remain elusive, policy makers might have to rely on a second-best subsidy only. With credible commitment the second-best subsidy is higher than the social benefit of learning to cut the transition time and peak warming close to first-best levels at the cost of higher fossil fuel use in the short run (weak Green Paradox). Without commitment...
    (application/pdf) - 13-dic-2016

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