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Reflections--In Search of Crosswalks between Macroeconomics and Environmental Economics

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  • V. Kerry Smith

Abstract

This article considers the challenges for efforts to introduce environmental quality into modern macro models. These models describe the economy as a dynamic general equilibrium, often using a representative agent to characterize consumers. Macro models are calibrated using a composite of existing parameter estimates, accepted features of developed economies, and data on the economy of interest together with the conditions for a decentralized dynamic equilibrium. The task of introducing non-market goods into these models requires using consistent aggregate measures of environmental quality. This Reflections column focuses on the issues associated with this research challenge. It also examines the static general equilibrium analysis used in EPA's 2011 Prospective Analysis as a way to highlight the importance of addressing these issues. (JEL: Q50, Q58). Copyright 2012, Oxford University Press.

Suggested Citation

  • V. Kerry Smith, 2012. "Reflections--In Search of Crosswalks between Macroeconomics and Environmental Economics," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 6(2), pages 298-317, July.
    • Handle: RePEc:oup:renvpo:v:6:y:2012:i:2:p:298-317
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    File URL: http://hdl.handle.net/10.1093/reep/res009
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    Citations

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    Cited by:

    1. Kahn, Matthew E. & Walsh, Randall, 2015. "Cities and the Environment," Handbook of Regional and Urban Economics, in: Gilles Duranton & J. V. Henderson & William C. Strange (ed.), Handbook of Regional and Urban Economics, edition 1, volume 5, chapter 0, pages 405-465, Elsevier.
    2. V. Kerry Smith & Min Qiang Zhao, 2016. "Evaluating Economy-Wide Benefit Cost Analyses," NBER Working Papers 22769, National Bureau of Economic Research, Inc.
    3. Bieri, David S. & Kuminoff, Nicolai V. & Pope, Jaren C., 2023. "National expenditures on local amenities," Journal of Environmental Economics and Management, Elsevier, vol. 117(C).
    4. Carbone, Jared C. & Kerry Smith, V., 2013. "Valuing nature in a general equilibrium," Journal of Environmental Economics and Management, Elsevier, vol. 66(1), pages 72-89.
    5. Katsuyuki Shibayama & Iain Fraser, 2014. "Nonhomothetic Growth Models For The Environmental Kuznets Curve," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55(3), pages 919-942, August.
    6. Figueroa, Eugenio & Pastén, Roberto, 2015. "Beyond additive preferences: Economic behavior and the income pollution path," Resource and Energy Economics, Elsevier, vol. 41(C), pages 91-102.
    7. Michael Greenstone & B. Kelsey Jack, 2013. "Envirodevonomics: A Research Agenda for a Young Field," NBER Working Papers 19426, National Bureau of Economic Research, Inc.
    8. Jared C.Carbone & Yuzhou Shen, 2019. "Assessing the Benefits of Air-Quality Improvements in General Equilibrium: A Review," Working Papers 2019-05, Colorado School of Mines, Division of Economics and Business.

    More about this item

    JEL classification:

    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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