The macroeconomic impact of Europe's carbon taxes Gilbert E. Metcalf and James H. Stock
By: Metcalf, Gilbert Elliot
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Contributor(s): Stock, James H.
Material type: 
ArticleSubject(s): CARBONO | IMPUESTOS | INCIDENCIA Y TRASLACION | EMPLEO | UNION EUROPEA | ANALISIS MACROECONOMICO
In:
American Economic Journal : Macroeconomics v. 15, n. 3, July 2023, p. 265-286 Summary: We estimate the macroeconomic impacts of carbon taxes on GDP and employment growth rates using 30 years of data on carbon taxation in various European countries. We find no evidence for a negative impact on employment or GDP growth but rather find a zero to modest positive impact. We also find a cumulative emissions reduction on the order of 4 to 6 percent for a $40/ton CO2 tax covering 30 percent of emissions. Reductions would likely be greater for a broad-based US carbon tax since European carbon taxes typically do not cover those sectors with the lowest marginal abatement costs.
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We estimate the macroeconomic impacts of carbon taxes on GDP and employment growth rates using 30 years of data on carbon taxation in various European countries. We find no evidence for a negative impact on employment or GDP growth but rather find a zero to modest positive impact. We also find a cumulative emissions reduction on the order of 4 to 6 percent for a $40/ton CO2 tax covering 30 percent of emissions. Reductions would likely be greater for a broad-based US carbon tax since European carbon taxes typically do not cover those sectors with the lowest marginal abatement costs.
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