Arbeitspapier

Timing of innovation policies when carbon emissions are restricted: an applied general equilibrium analysis

This paper studies the timing of subsidies for environmental research and development (R&D) and how innovation policy is influenced by the costs of emissions. We use a dynamic computable general equilibrium (CGE) model with both general R&D and specific environmental R&D. We find two results that are important when subsidizing environmental R&D in order to target inefficiencies in the research markets. Firstly, the welfare gain from subsidies is larger when the costs of emissions are higher. This is because a high carbon tax increases the social (efficient) investment in environmental R&D, in excess of the private investment in R&D. Secondly, the welfare gain is greater when there is a falling time profile of the rate of subsidies for environmental R&D, rather than a constant or increasing profile. The reason is that the innovation externalities are larger in early periods.

Language: Englisch

Bibliographic citation: Series: Discussion Papers ; No. 536

Classification: Wirtschaft
Fiscal Policy
Fiscal Policies and Behavior of Economic Agents: Household
Technological Change: Government Policy
Environmental Economics: Technological Innovation

Subject: Applied general equilibrium
endogenous growth
research and development
carbon emissions.

Event: Geistige Schöpfung

(who): Heggedal, Tom-Reiel
Jacobsen, Karl

Event: Veröffentlichung

(who): Statistics Norway, Research Department

(where): Oslo

(when): 2008

Handle: http://hdl.handle.net/10419/192518

Last update: 10.03.2025, 11:44 AM CET

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Arbeitspapier

Associated

Heggedal, Tom-Reiel
Jacobsen, Karl
Statistics Norway, Research Department

Time of origin

2008

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Timing of innovation policies when carbon emissions are restricted: an applied general equilibrium analysis

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