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On the Economics of a Carbon Tax for the United States

Author

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  • Gilbert E. Metcalf

    (Tufts University)

Abstract

Climate change is driven by the buildup of greenhouse gases (GHGs) in the atmosphere, which is predominantly the result of the world's consumption of fossil fuels. GHGs are a global pollution externality for which a global solution is required. I describe the role a domestic carbon tax could play in reducing U.S. emissions and compare and contrast alternative approaches to reducing our GHG pollution. Carbon taxes have been implemented in 23 jurisdictions around the world. I provide evidence on emission reductions and the economic impact of British Columbia's carbon tax, a broad-based carbon assessment that has been in effect for over a decade. I also provide an analysis of carbon taxes used in the countries that belong to the European Union.

Suggested Citation

  • Gilbert E. Metcalf, 2019. "On the Economics of a Carbon Tax for the United States," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 50(1 (Spring), pages 405-484.
    • Handle: RePEc:bin:bpeajo:v:50:y:2019:i:2019-01:p:405-484
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    Citations

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    Cited by:

    1. Leisner, Jonathan & Munch, Jakob R. & Nielsen, August Twile & Schaur, Georg, 2023. "The Impact of Offshoring and Import Competition on Firm-Level Carbon Emissions," IZA Discussion Papers 16556, Institute of Labor Economics (IZA).
    2. Sinha, Avik & Ghosh, Vinit & Hussain, Nazim & Nguyen, Duc Khuong & Das, Narasingha, 2023. "Green financing of renewable energy generation: Capturing the role of exogenous moderation for ensuring sustainable development," Energy Economics, Elsevier, vol. 126(C).
    3. Matterne, Ilias & Roggeman, Annelies & Verleyen, Isabelle, 2024. "The impact of environmental taxation on innovation: Evidence from Canada," Energy Policy, Elsevier, vol. 187(C).
    4. Sandra Batten & Stephen Millard, 2024. "Energy and Climate Policy in a DSGE Model of the United Kingdom," National Institute of Economic and Social Research (NIESR) Discussion Papers 553, National Institute of Economic and Social Research.
    5. Hu, Yuanfeng & Tian, Yixiang, 2024. "The role of green reputation, carbon trading and government intervention in determining the green bond pricing: An externality perspective," International Review of Economics & Finance, Elsevier, vol. 89(PB), pages 46-62.
    6. Yiyang Liu & Jue Wang, 2024. "Unlocking Sustainable Growth in Urban Agglomerations: A Case Study of Carbon Emissions Trading in China," Sustainability, MDPI, vol. 16(20), pages 1-24, October.
    7. Le, Anh H., 2023. "Climate change and carbon policy: A story of optimal green macroprudential and capital flow management," IMFS Working Paper Series 191, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
    8. Morão, Hugo, 2024. "The impact of carbon policy news on the national energy industry," Energy Economics, Elsevier, vol. 134(C).

    More about this item

    Keywords

    Climate change; carbon tax;

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