RefereraExporteraLänk till posten
Permanent länk

Direktlänk
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annat format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annat språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf
On the Macroeconomics of the Energy Transition
Stockholms universitet, Samhällsvetenskapliga fakulteten, Nationalekonomiska institutionen. Stockholms universitet, Samhällsvetenskapliga fakulteten, Institutet för internationell ekonomi.
2024 (Engelska)Doktorsavhandling, monografi (Övrigt vetenskapligt)
Abstract [en]

Climate Policies and Input Substitution over Time

This paper investigates quantitatively how the impact of climate policies such as a carbon tax differs over the short and long run in the macroeconomy. We document limited possibilities to switch from fossil fuels to green alternatives over short time horizons. Over more extended periods, however, this substitutability increases significantly. The same pattern holds for aggregate energy in production. We then build a quantitative growth model that accounts for these patterns through a technology-choice channel. We find that, in order to achieve similar long-run emission targets, carbon taxes should be increased by about 10% permanently compared to models that focus on the long run only.

Electrification of U.S. Aggregate Production: Theory and Evidence

In this paper, I scrutinize the process of electrification, defined as an increase in the share of electricity in the energy bundle. I first document trends and facts regarding the use of fossil fuels and electricity as end-use energy types in production in the U.S. I provide evidence that these two energy types are strong complements in the short- but more substitutable in the long run. In particular, I estimate the short-run elasticity of substitution between these two energy inputs to be 0.06 and argue for a Cobb-Douglas relationship and, thus, a unitary elasticity of substitution in the long run. I then build a model that can quantitatively reproduce these facts through a directed technological change mechanism. Crucially, the main driver of electrification is the relative improvement of fossil fuel use efficiency vis-à-vis electricity's.

(Be-)Coming Clean: A Model of the U.S. Energy Transition

This paper develops a quantitative framework of the energy transition and shows how the decarbonization of the economy hinges on three main mechanisms endogenous to the model: (i) developments in energy efficiency determining energy use in a growing economy; (ii) electrification of the production process driven by directed technical change; and (iii) capacity building for green electricity production. I then use the model to evaluate a net zero by 2050-policy vis-à-vis business as usual. I find that the energy transition happens in a laissez-faire scenario but has to be sped up if the policy target is to be fulfilled. In particular, I find that the required carbon tax is initially around $250 per ton CO2, and output and consumption growth are transitionally 0.2-0.3 percentage points lower under environmental policy.

Green Subsidies, the Energy Transition, and Implications of the Inflation Reduction Act

This paper studies the implications of green subsidies on the economy and the energy transition. I include a technology and a learning-by-doing (LBD) externality in Chapter 3’s framework. The internalization of these inefficiencies requires green subsidies, which have important implications for the energy transition. In particular, fossil fuel use in the economy will reduce by 38% by the end of the 2060s compared to laissez-faire. Additionally, the two externalities interact. Internalizing the LBD mechanism reduces the technology externality, while internalizing the technology shift exacerbates the implications of unaccounted-for LBD. Investigating the IRA shows that it is leveraging the right externality with an imperfect instrument: ITCs do not perfectly internalize the LBD externality and lead to fossil fuel use rebounding after their expiration.

Ort, förlag, år, upplaga, sidor
Stockholm: Department of Economics, Stockholm University , 2024. , s. 287
Serie
Monograph series / Institute for International Economic Studies, University of Stockholm, ISSN 0346-6892 ; 128
Nyckelord [en]
Environmental Macroeconomics, Energy, Energy Transition, Climate Change, Technical Change, Growth, Climate Policies
Nationell ämneskategori
Nationalekonomi
Forskningsämne
nationalekonomi
Identifikatorer
URN: urn:nbn:se:su:diva-228323ISBN: 978-91-8014-787-3 (tryckt)ISBN: 978-91-8014-788-0 (digital)OAI: oai:DiVA.org:su-228323DiVA, id: diva2:1852962
Disputation
2024-06-12, Hörsal 9, Hus D, Universitetsvägen 10, Stockholm, 10:00 (Engelska)
Opponent
Handledare
Tillgänglig från: 2024-05-20 Skapad: 2024-04-19 Senast uppdaterad: 2024-06-24Bibliografiskt granskad

Open Access i DiVA

On the Macroeconomics of the Energy Transition(5335 kB)202 nedladdningar
Filinformation
Filnamn FULLTEXT01.pdfFilstorlek 5335 kBChecksumma SHA-512
e51f47763400c1af63be62a5e0fe9ee25f472c7704007a9710ca6922494c97805e18e1c4d1f45b2390ea2868988a0bb4baf42823bbec85f462dc406fbd738988
Typ fulltextMimetyp application/pdf

Person

Hinkelmann, Stefan

Sök vidare i DiVA

Av författaren/redaktören
Hinkelmann, Stefan
Av organisationen
Nationalekonomiska institutionenInstitutet för internationell ekonomi
Nationalekonomi

Sök vidare utanför DiVA

GoogleGoogle Scholar
Totalt: 202 nedladdningar
Antalet nedladdningar är summan av nedladdningar för alla fulltexter. Det kan inkludera t.ex tidigare versioner som nu inte längre är tillgängliga.

isbn
urn-nbn

Altmetricpoäng

isbn
urn-nbn
Totalt: 1181 träffar
RefereraExporteraLänk till posten
Permanent länk

Direktlänk
Referera
Referensformat
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Annat format
Fler format
Språk
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Annat språk
Fler språk
Utmatningsformat
  • html
  • text
  • asciidoc
  • rtf