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A macroeconomic critique of integrated assessment environmental models: the case of Brazil

Author

Listed:
  • Rafael Cattan

    (Institute of Economics, University of Campinas (UNICAMP), Brazil)

  • Florent McIsaac

    (Agence Française de Développement, Paris, France)

Abstract

This paper surveys integrated assessment models applied to Brazil. We show that these models belong to the environmental economics literature that fails to consider some of the most important aspects of the modern macroeconomic dynamics in Brazil. These features include monetary and financial balances, income distribution, and physical limits to growth. We argue that the most suitable framework for modeling a low-carbon Brazilian economy would incorporate both Post-Keynesian and ecological economics principles. This new modeling method would strengthen our understanding of environmental mitigation action consequences and would allow us to explore new climate-policy packages.

Suggested Citation

  • Rafael Cattan & Florent McIsaac, 2021. "A macroeconomic critique of integrated assessment environmental models: the case of Brazil," Review of Keynesian Economics, Edward Elgar Publishing, vol. 9(2), pages 204-231, April.
    • Handle: RePEc:elg:rokejn:v:9:y:2021:i:2:p204-231
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    More about this item

    Keywords

    Brazil; climate change; ecological economics; integrated assessment model; low-carbon economy;
    All these keywords.

    JEL classification:

    • E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation: Models and Applications
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics
    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General

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