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題名 考慮減碳租稅政策以及零利率下限時的動態隨機一般均衡模型
Introducing Carbon-reduction Taxes under the Zero Lower Bound in A DSGE Model作者 劉武宣
Liu, Wu-Xuan貢獻者 賴廷緯
Lai, Ting-Wei
劉武宣
Liu, Wu-Xuan關鍵詞 隨機動態一般均衡模型
碳稅
泰勒法則
零利率下限
DSGE model
carbon tax
Taylor’s rule
zero lower bound日期 2022 上傳時間 2-Sep-2022 15:26:31 (UTC+8) 摘要 本文建立一個新興凱因斯的動態隨機一般均衡模型，分析若政策以課徵碳租稅達到減少碳排放量為目的，在給定零利率下限條件下，經濟體系面臨衝擊的景氣波動。本文的估計結果發現，對於政府而言，貨幣政策在通膨的敏感度比產出波動的敏感度高。然而在總和需求出現大幅度的負面衝擊時，且政府制定利率面臨零利率下限的窘境，會大幅降低投資市場的報酬率，並造成更嚴重的總和產出衰退。
This paper builds a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model to analyze the effects of government taxes aiming to decrease carbon dioxide emission. We investigate business cycle fluctuations under the zero lower bound condition. We obtain the following results: (i) monetary policies are more sensitive to inflation than to output gap; (ii) when a dramatic negative shock occurs, the government is subject to the difficulty since the nominal interest rate cannot be lower than the zero lower bound. In this context, the shock will substantially reduce the rate of return in the capital market, leading to worse output declines.參考文獻 Annicchiarico, Barbara and Fabio Di Dio (2015), “Environmental policy and macroeconomic dynamics in a new Keynesian model,” Journal of Environmental Economics and Management, 69, 1-21.Ahn, Kwangwon, Zhuang Chu and Daeyong Lee (2021), “Effects of renewable energy use in the energy mix on social welfare,” Energy Economics, 96, 105174.Caggiano, Giovanni, Efrem Castelnuovo and Giovanni Pellegrino (2017), “Estimating the real effects of uncertainty shocks at the zero lower bound,” European Economic Review, 100, 257-272.Calvo, Guillermo (1983), “Staggered prices in a utility-maximizing framework,” Journal of Monetary Economics, 12, 383-398.Eichenbaum, Martin and Jonas D. M. Fisher (2003), “Testing the Calvo model of sticky prices,” Economic Perspectives, 27, 40-53.Fischer, Carolyn and Michael Springborn (2011), “Emissions targets and the real business cycle: Intensity targets versus caps or taxes,” Journal of Environmental Economics and Management, 62, 352-366.Guerrieri, Luca and Matteo Iacoviello (2015), “OccBin : A toolkit for solving dynamic models with occasionally binding constraints easily,” Journal of Monetary Economics , 70 , 22-38.Heutel, Garth (2012), “How should environmental policy respond to business cycles? Optimal policy under persistent productivity shocks,” Review of Economic Dynamics, 15, 244-264.Nordhaus, William D. (1991), “The economics of the greenhouse effect,” The Economic Journal, 101, 920-937.Taylor, John B. (1993), “Discretion versus policy rules in practice,” Carnegie-Rochester Conference Series on Public Policy, 39, 195-214.Ulate, Mauricio (2021), "Going negative at the zero lower bound: the effects of negative nominal interest rates," American Economic Review, 111, 1-40.Whalen, Charles, and Felix Reichling (2017) , “Estimates of the Frisch elasticity of labor supply: a review,” Eastern Economic Journal, 43, 37-42.Wang, Ren, Jie Hou and Zhujun Jiang (2021), “Environmental policies with financing constraints in China,” Energy Economics, 94, 105089.Wu, Jing Cynthia and Fan Dora Xia (2016), “Measuring the macroeconomic impact of monetary policy at the zero lower bound,” Journal of Money Credit and Banking, 48, 253-291.Walsh, Carl E., “Monetary Theory and Policy,” 4th ed, MIT press.Zhang, Jiekuan and Yan Zhang (2020), “Examining the economic and environmental effects of emissions policies in China: a Bayesian DSGE model,” Journal of Cleaner Production, 266, 122026. 描述 碩士
國立政治大學
經濟學系
109258029資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109258029 資料類型 thesis dc.contributor.advisor 賴廷緯 zh_TW dc.contributor.advisor Lai, Ting-Wei en_US dc.contributor.author (Authors) 劉武宣 zh_TW dc.contributor.author (Authors) Liu, Wu-Xuan en_US dc.creator (作者) 劉武宣 zh_TW dc.creator (作者) Liu, Wu-Xuan en_US dc.date (日期) 2022 en_US dc.date.accessioned 2-Sep-2022 15:26:31 (UTC+8) - dc.date.available 2-Sep-2022 15:26:31 (UTC+8) - dc.date.issued (上傳時間) 2-Sep-2022 15:26:31 (UTC+8) - dc.identifier (Other Identifiers) G0109258029 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/141741 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經濟學系 zh_TW dc.description (描述) 109258029 zh_TW dc.description.abstract (摘要) 本文建立一個新興凱因斯的動態隨機一般均衡模型，分析若政策以課徵碳租稅達到減少碳排放量為目的，在給定零利率下限條件下，經濟體系面臨衝擊的景氣波動。本文的估計結果發現，對於政府而言，貨幣政策在通膨的敏感度比產出波動的敏感度高。然而在總和需求出現大幅度的負面衝擊時，且政府制定利率面臨零利率下限的窘境，會大幅降低投資市場的報酬率，並造成更嚴重的總和產出衰退。 zh_TW dc.description.abstract (摘要) This paper builds a New Keynesian Dynamic Stochastic General Equilibrium (DSGE) model to analyze the effects of government taxes aiming to decrease carbon dioxide emission. We investigate business cycle fluctuations under the zero lower bound condition. We obtain the following results: (i) monetary policies are more sensitive to inflation than to output gap; (ii) when a dramatic negative shock occurs, the government is subject to the difficulty since the nominal interest rate cannot be lower than the zero lower bound. In this context, the shock will substantially reduce the rate of return in the capital market, leading to worse output declines. en_US dc.description.tableofcontents 一、緒論 11.1 研究目的 11.2文獻回顧 2二、模型設定 42.1模型簡介 42.2 代表性家計 42.2 最終財廠商 62.3 中間財廠商 62.4 政府單位 102.5 市場商品總和供給 112.6 市場結清條件 112.7 經濟體系外生衝擊 122.8 參數設定 13三、參數估計 143.1資料選取與處理 143.2先驗分配 173.3後驗分配 173.4衝擊反應函數 203.4.1技術衝擊 203.4.2政府支出衝擊 213.4.3貨幣政策衝擊 223.4.4勞動厭惡衝擊 233.4.5主觀折現因子衝擊 24四、政策差異與利率限制 254.1實施政策差異 254.2具有零利率下限及較大的生產力衝擊 (總和供給衝擊) 274.3 負向的政府支出衝擊 (需求面衝擊) 27五、結論 31參考文獻 32附錄 35 zh_TW dc.format.extent 1856161 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109258029 en_US dc.subject (關鍵詞) 隨機動態一般均衡模型 zh_TW dc.subject (關鍵詞) 碳稅 zh_TW dc.subject (關鍵詞) 泰勒法則 zh_TW dc.subject (關鍵詞) 零利率下限 zh_TW dc.subject (關鍵詞) DSGE model en_US dc.subject (關鍵詞) carbon tax en_US dc.subject (關鍵詞) Taylor’s rule en_US dc.subject (關鍵詞) zero lower bound en_US dc.title (題名) 考慮減碳租稅政策以及零利率下限時的動態隨機一般均衡模型 zh_TW dc.title (題名) Introducing Carbon-reduction Taxes under the Zero Lower Bound in A DSGE Model en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Annicchiarico, Barbara and Fabio Di Dio (2015), “Environmental policy and macroeconomic dynamics in a new Keynesian model,” Journal of Environmental Economics and Management, 69, 1-21.Ahn, Kwangwon, Zhuang Chu and Daeyong Lee (2021), “Effects of renewable energy use in the energy mix on social welfare,” Energy Economics, 96, 105174.Caggiano, Giovanni, Efrem Castelnuovo and Giovanni Pellegrino (2017), “Estimating the real effects of uncertainty shocks at the zero lower bound,” European Economic Review, 100, 257-272.Calvo, Guillermo (1983), “Staggered prices in a utility-maximizing framework,” Journal of Monetary Economics, 12, 383-398.Eichenbaum, Martin and Jonas D. M. Fisher (2003), “Testing the Calvo model of sticky prices,” Economic Perspectives, 27, 40-53.Fischer, Carolyn and Michael Springborn (2011), “Emissions targets and the real business cycle: Intensity targets versus caps or taxes,” Journal of Environmental Economics and Management, 62, 352-366.Guerrieri, Luca and Matteo Iacoviello (2015), “OccBin : A toolkit for solving dynamic models with occasionally binding constraints easily,” Journal of Monetary Economics , 70 , 22-38.Heutel, Garth (2012), “How should environmental policy respond to business cycles? Optimal policy under persistent productivity shocks,” Review of Economic Dynamics, 15, 244-264.Nordhaus, William D. (1991), “The economics of the greenhouse effect,” The Economic Journal, 101, 920-937.Taylor, John B. (1993), “Discretion versus policy rules in practice,” Carnegie-Rochester Conference Series on Public Policy, 39, 195-214.Ulate, Mauricio (2021), "Going negative at the zero lower bound: the effects of negative nominal interest rates," American Economic Review, 111, 1-40.Whalen, Charles, and Felix Reichling (2017) , “Estimates of the Frisch elasticity of labor supply: a review,” Eastern Economic Journal, 43, 37-42.Wang, Ren, Jie Hou and Zhujun Jiang (2021), “Environmental policies with financing constraints in China,” Energy Economics, 94, 105089.Wu, Jing Cynthia and Fan Dora Xia (2016), “Measuring the macroeconomic impact of monetary policy at the zero lower bound,” Journal of Money Credit and Banking, 48, 253-291.Walsh, Carl E., “Monetary Theory and Policy,” 4th ed, MIT press.Zhang, Jiekuan and Yan Zhang (2020), “Examining the economic and environmental effects of emissions policies in China: a Bayesian DSGE model,” Journal of Cleaner Production, 266, 122026. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202201177 en_US
