An overlapping generations model of climate-economy interactions

Article Abstract:

The relationship between climate change and the global economy was examined using a numerically calibrated overlapping generations model. A Pareto efficient competitive equilibrium results when the present-value net benefits of greenhouse gas emissions abatement is maximized and the social discount rate is set equal to the market interest rate. Both shadow prices and discount rates depend on policies that define income distribution between generations. Thus, there is no unique rate of time preference which is consistent with rational decision-making.

Economics, Research and Development in the Social Sciences and Humanities, Air Pollution Control, Waste Management and Remediation Services, Climatic changes, Climate change, Greenhouse gases, Air pollution

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Factor taxation, income distribution and capital market integration

Article Abstract:

The impact of capital market integration on the optimal mix of capital and wage taxation used by policymakers to increase the political support of workers and capitalists are determined using a two-country, two-class model of tax competition. The method requires policymakers to evaluate increased efficiency costs of capital taxation with a higher capital mobility and distributional effects when income changes are reversed due to market forces.

Tax Law, Public Finance Activities, Income Distribution, Interpretation and construction, Economic aspects, Scandinavia, Capital market, Capital markets

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