Computable General Equilibrium Modelling in Regional Science

Allan, Grant; Lecca, Patrizio; McGregor, Peter; McIntyre, Stuart; Swales, John

doi:10.1007/978-3-319-50590-9_4

Cited by 4 publications

(2 citation statements)

References 36 publications

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“…[50] carry out a series of counterfactual simulations aiming, primarily, at understanding the role of thermodynamic final-to-useful exergy efficiency in historical economic growth, when compared with other plausible factors. The ability to perform such isolation provides an advantage over other modeling approaches, e.g., CGE models [89,90].…”

Section: Counterfactual Simulations and Output Elasticitiesmentioning

confidence: 99%

The Impact of Energy Efficiency on Economic Growth: Application of the MARCO Model to the Portuguese Economy 1960–2014

Santos,

Viana,

Nieto

et al. 2024

Energies

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The benefits of energy efficiency are recognized in multiple socio-economic spheres. Still, the quantitative impact on macroeconomic performance is not fully understood, as modeling tools are not thermodynamically consistent—failing to explicitly include the useful stage of energy flows and/or thermodynamic efficiencies in primary–final–useful energy transformations. Misspecification in the link between energy use and the economy underplays the role of energy use and efficiency in economic growth. In this work, we develop and implement the Macroeconometric Resource Consumption model for Portugal (MARCO-PT), 1960–2014. Based on the post-Keynesian framework developed for the United Kingdom (MARCO-UK), our model explicitly includes thermodynamic energy efficiency, extending the analysis to the useful stage of energy flows. The model’s stochastic equations are econometrically estimated. The historical influence of key variables—namely thermodynamic energy efficiency—on economic output is assessed through counterfactual simulations and computation of year-by-year output elasticities. The MARCO-PT model adequately describes the historical behavior of endogenous variables. Although its influence has decreased over time, thermodynamic efficiency has consistently been the major contributor to economic growth between 1960–2014, with an average output elasticity of 0.46. Total useful exergy is also a major contributing factor, with an average output elasticity of 0.29. Both have a higher influence than capital, labor, or other energy variables (final energy, prices). An adequate integration of thermodynamic efficiency is thus crucial for macroeconomic models.

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Section: Counterfactual Simulations and Output Elasticitiesmentioning

confidence: 99%

The Impact of Energy Efficiency on Economic Growth: Application of the MARCO Model to the Portuguese Economy 1960–2014

Santos,

Viana,

Nieto

et al. 2024

Energies

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show abstract

“…Hence, from the perspective of the overall cost, environmental tax reform has a very low, or even zero, cost. In their study of strong double dividend, by simulating the effect of a special carbon tax in Scotland, Allan et al (2017) demonstrated that the "double dividend" effect would only increase if the carbon tax revenue was used to reduce income taxes, proving the presence of a robust double dividend. The latter is of the view that, compared to one-time transfer payments (Nyarko Mensah, 2019), when environmental tax is used to structurally reduce distorting taxes, the cost of environmental tax reform will be lower.…”

Section: Introductionmentioning

confidence: 99%

The impact of environmental taxes on economic benefits and technology innovation input of heavily polluting industries in China

Wang

Zhu

Wang

et al. 2022

Front. Environ. Sci.

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This paper defined heavily polluting enterprises as the treatment group based on relevant data on the listed companies in the 5 years from 2016 to 2020. Companies other than the heavily polluting enterprises were defined as the control group. An empirical analysis applying the double-difference technique was performed to assess the impact of China’s environmental tax on the economic performance and technological innovation input of industries that pollute heavily. The findings demonstrated an increased positive effects of environmental taxes on the economic performance and technology innovation input of heavily polluting industries since the inception of the environmental tax in China. As some enterprises in heavily polluting industries are under increased financial pressure owing to green upgrades and the low environmental tax rate in some regions, recommendations are presented to improve the environmental regulation system, adapt environmental taxes to local conditions, and strengthen the implementation and supervision of environmental taxes through big data technology.

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Coupling economic models and environmental assessment methods to support regional policies: A critical review

Beaussier

Caurla

Maurel

et al. 2019

Journal of Cleaner Production

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Computable General Equilibrium Modelling in Regional Science

Cited by 4 publications

References 36 publications

The Impact of Energy Efficiency on Economic Growth: Application of the MARCO Model to the Portuguese Economy 1960–2014

The Impact of Energy Efficiency on Economic Growth: Application of the MARCO Model to the Portuguese Economy 1960–2014

The impact of environmental taxes on economic benefits and technology innovation input of heavily polluting industries in China

Coupling economic models and environmental assessment methods to support regional policies: A critical review

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