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主讲人 |
Alessandra Pizzo |
简介 |
<p>This paper examines how fiscal policy and social security design can distribute the welfare costs of climate policy across generations in the presence of demographic change. Building on Gertler (1999) and Carvalho et al. (2016), we develop and calibrate a climate-economy model of overlapping-generations that features realistic life-cycle behavior. The model incorporates survival uncertainty and retirement, with non-renewable dirty energy generating emissions that damage aggregate production, in line with Golosov et al. (2014). Our analysis of environmental tax reform reveals the importance of long-run demographic trends. A carbon tax reduces the marginal productivity of capital and therefore investment demand; the response of household savings supply implies downward pressure on the equilibrium interest rate, with the redistribution mechanism for carbon revenues playing a key role in the generational allocation of costs. Rising life expectancy extends the expected duration of the retirement phase strengthening both life-cycle and precautionary saving incentives. This reinforces the decline in the interest rate and approximately doubles the aggregate welfare cost of the carbon tax relative to a scenario with constant demographics, with retirees bearing a disproportionate share of the burden. Among redistribution rules, a carbon-revenue-financed increase in pension generosity can nearly insulate retirees from welfare losses, while remaining welfare-improving in aggregate. These results are robust to lower assumptions on the elasticity of substitution between clean and dirty energy, including the Cobb-Douglas specification.</p> |
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主讲人简介 |
<p>Alessandra Pizzo is an Assistant Professor at the University of Paris 8, France. She received her PhD from the Paris School of Economics and previously served as a researcher at the Banque de France. Her research is in the field of labor macroeconomics, with a focus on the impact of public policy on social inequality. She studies the modeling of frictional labor markets, tax progressivity, as well as hiring selection and wage gaps. Her academic contributions have been published in leading international economics journals, including the <em>Review of Economic Dynamics</em> and the <em>European Economic Review</em>.</p> |
期数 |
宏观与发展经济学前沿讲座第26期 |
