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Journal Article

Overview of the EMF 32 Study on U.S. Carbon Tax Scenarios

James R. McFarland, Allen A. Fawcett, Adele C. Morris, John M. Reilly, Peter J. Wilcoxen
March 20, 2018

Abstract

The Energy Modeling Forum (EMF) 32 study on carbon tax scenarios analyzed a set of illustrative policies in the United States that place an economy-wide tax on fossil-fuel-related carbon dioxide (CO2) emissions, a carbon tax for short. Eleven modeling teams ran these stylized scenarios, which vary by the initial carbon tax rate, the rate at which the tax escalates over time, and the use of the revenues. Modelers reported their results for the effects of the policies, relative to a reference scenario that does not include a carbon tax, on emissions, economic activity, and outcomes within the U.S. energy system. This paper explains the scenario design, presents an overview of the results, and compares results from the participating models. In particular, we compare various outcomes across the models, such as emissions, revenue, gross domestic product, sectoral impacts, and welfare.

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Research Area

Business Taxes Energy/environmental tax
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Meet the Experts

  • James R. McFarland
  • Allen A. Fawcett
  • Adele C. Morris
    Senior Fellow and Policy Director for the Climate and Energy Economics Project
  • John M. Reilly
  • Peter J. Wilcoxen
Research report

New Evidence on The Effect of The TCJA On the Housing Market

Robert McClelland, Livia Mucciolo, Safia Sayed
March 30, 2022
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