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GTAP Resource #3951

"Global Economic Analysis of a U.S. Clean Energy Standard"
by Adkins, Liwayway, Alla Golub, Bryan Mignone and Thomas Hertel


Global economic analyses of climate policy face a challenging future. While comprehensive, top-down policies such as those foreseen under the Kyoto Protocol are highly amenable to analysis by global economic models, these policies have largely failed to get traction in the political arena. Instead, individual countries and regions are pursuing piecemeal approaches such as adoption of energy efficiency standards, technology mandates and industry-specific regulation. For example, in the United States, the Obama administration recently proposed a Clean Energy Standard (CES) for the electric power sector and plans to establish greenhouse gas (GHG) pollution standards for fossil fuel power plants and petroleum refineries.

Analysis of sector-specific energy policies can be challenging in “top down” global economic models that have rather simplistic representations of production technologies. Indeed, effective analysis of such policies often requires economists to turn to detailed sectoral models for insights regarding how something like a CES would affect key sectoral variables such as marginal cost and the optimal mix of inputs. This paper shows how the global impacts of a CES can be analyzed by combining a variant of the dynamic GTAP model, GDyn-E, with a detailed model of the U.S. energy sector: a version of the National Energy Modeling System (NEMS-PI). In so doing, we shed light on the implication of this type of policy for international investment and trade flows, quantifying the extent of investment and trade leakage associated with such a policy.

Energy system models like NEMS-PI and computable general equilibrium (CGE) models like GTAP have both been extensively used to study the energy and economic impacts of policies designed to mitigate greenhouse gas emissions. Each has its own set of strengths: energy system models typically have rich technology specifications and detailed representation of energy demands, while CGE models ca...

Resource Details (Export Citation) GTAP Keywords
Category: 2012 Conference Paper
Status: Published
By/In: Presented at the 15th Annual Conference on Global Economic Analysis, Geneva, Switzerland
Date: 2012
Created: Adkins, L. (4/30/2012)
Updated: Adkins, L. (1/14/2013)
Visits: 1,986
- Trade and the environment
- Economic growth
- Asia (South-Central)

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