Taxing fossil fuels under speculative storage /

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Bibliographic Details
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2014.
Description:	1 online resource (36 pages) : color illustrations.
Language:	English
Series:	IMF working paper ; WP/14/228 IMF working paper ; WP/14/228.
Subject:	Fossil fuels -- Econometric models. Environmental impact charges -- Econometric models. Fiscal policy -- Econometric models. Monetary policy -- Econometric models. Macroeconomics -- Econometric models. Environmental impact charges -- Econometric models. Fiscal policy -- Econometric models. Macroeconomics -- Econometric models. Monetary policy -- Econometric models. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12504198

Hidden Bibliographic Details
Other authors / contributors:	Tumen, Semih, author. International Monetary Fund. Strategy, Policy, and Review Department, issuing body.
ISBN:	9781498369923 1498369928
Notes:	"December 2014." "Strategy, Policy and Review Department." Includes bibliographical references (pages 29-32). Online resource; title from pdf title page (IMF.org Web site, viewed December 29, 2014).
Summary:	This paper investigates the mechanisms through which environmental taxes on fossil fuel usage can affect the main macroeconomic variables in the short-run. We concentrate on a particular mechanism: speculative storage. The existence of forward-looking speculators in the model improves the effectiveness of tax policies in reducing fossil fuel usage. Improved policy effectiveness, however, is costly: it drives inflation and interest rates up, while impeding output. Based on this tradeoff, we seek an answer to the question how monetary policy should interact with environmental tax policies in our DSGE model of fossil fuel storage.--Abstract.
Other form:	Print version: Tumen, Semih. Taxing Fossil Fuels under Speculative Storage. Washington : International Monetary Fund, ©2014

Table of Contents:

Cover Page; Title Page; Copyright Page; Contents; FIGURES; 1. Introduction; 2. Model; 2.1 Households; 2.2 Firms Producing Core Goods; 2.3 Firms Producing Renewable Energy and Fossil Fuel; 2.4 Monetary Policy; 2.5 Fiscal Policy; 2.6 Goods Market Equilibrium; 2.7 Storage and Energy Market Equilibrium; 2.7.1 Fossil Fuel Storage; 2.7.2 Equilibrium in the Energy Market; 3 Results and Discussion; 3.1 Calibration; 3.2 Impulse Responses; 1. Impulse responses to tax shocks on consumption; 2. Impulse responses to tax shocks on production.
3. Impulse responses to tax shocks on both production and consumption3.2.1 Impulse Responses with Subsidy Policy; 4. Impulse responses to tax shocks on both production and consumption under subsidies to renewable energy usage; 3.2.2 Policy Analysis; 4 Concluding Remarks; REFERENCES; Footnotes.

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