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The efficiency cost of protective measures in climate policy

机译：气候政策中保护措施的效率成本

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摘要

Despite recent achievements towards a global climate agreement, climate action to reduce greenhouse gas emissions remains quite heterogeneous across countries. Energy-intensive and trade-exposed (EITE.,) industries in industrialized countries are concerned on stringent domestic emission pricing that puts them at a competitive disadvantage against producers of similar goods in other countries with more lenient emission regulation. This paper focuses on climate policy design in the United States of America (US) and compares the economic implications of four alternative protective measures for US EITE industries: (i) output-based rebates, (ii) exemptions from emission pricing, (iii) energy intensity standards, and (iv) carbon intensity standards. Using a large-scale computable general equilibrium model we quantify how these protective measures affect competitiveness of US EITE industries. We find that protective measures can improve common trade-related competitiveness indicators such as revealed comparative advantage or relative world trade shares but at the same time may lead to a decline in the output value for EITE industries because of negative income effects. The economy-wide cost of emission abatement under protective measures increase as compared to uniform emission pricing stand-alone such that the gains of protective measures for EITE exports may be more than compensated through losses in domestic EITE demand.
机译：尽管最近在达成全球气候协议方面取得了成就，但各国在减少温室气体排放的气候行动上仍然存在很大差异。工业化国家的能源密集型和贸易密集型产业关注严格的国内排放价格，这使其与其他国家/地区的排放管制更为宽松的同类产品的生产商相比处于竞争劣势。本文着重于美国的气候政策设计，并比较了四种替代性保护措施对美国EITE产业的经济影响：（i）基于产出的退税；（ii）排放价格免税；（iii）能源强度标准，以及（iv）碳强度标准。使用大规模可计算的一般均衡模型，我们可以量化这些保护措施如何影响美国EITE行业的竞争力。我们发现，保护性措施可以改善与贸易有关的共同竞争力指标，例如显露的比较优势或相对世界贸易份额，但同时由于负收入效应，可能导致EITE行业的产值下降。与单独的统一排放价格相比，保护性措施在整个经济范围内的减排成本增加，因此，对EITE出口的保护性措施收益可能会超过通过国内EITE需求损失而得到的补偿。

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