Analysis of U.S. Greenhouse Gas Tax Proposals (2008)
Metcalf, Gilbert E., Paltsev, Sergey., Reilly, John M., Jacoby, Henry D., Holak, Jennifer
Abstract in HTML and technical report in PDF available on the MIT Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Analysis of U.S. Greenhouse Gas Tax Proposals (2008)
Metcalf, Gilbert E., Paltsev, Sergey., Reilly, John M., Jacoby, Henry D., Holak, Jennifer
Abstract in HTML and technical report in PDF available on the MIT Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Gurgel, Angelo C., Paltsev, Sergey, Reilly, John M., Metcalf, Gilbert E.
Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Gurgel, Angelo C., Paltsev, Sergey, Reilly, John M., Metcalf, Gilbert E.
Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Assessment of U.S. Cap-and-Trade Proposals (2007)
Paltsev, Sergey, Reilly, John M., Jacoby, Henry D., Gurgel, Angelo C., Metcalf, Gilbert E., Sokolov, Andrei P., ...
Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Assessment of U.S. Cap-and-Trade Proposals (2007)
Paltsev, Sergey, Reilly, John M., Jacoby, Henry D., Gurgel, Angelo C., Metcalf, Gilbert E., Sokolov, Andrei P., ...
Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Federal Tax Policy Towards Energy (2007)
Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Federal Tax Policy Towards Energy (2007)
Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Energy Conservation in the United States: Understanding its Role in Climate Policy (2006)
Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
Energy Conservation in the United States: Understanding its Role in Climate Policy (2006)
Abstract in HTML and technical report in PDF available on the Massachusetts Institute of Technology Joint Program on the Science and Policy of Global Change website (http://mit.edu/globalchange/www/).
A Note on Weak Double Dividends (2004)
Metcalf, Gilbert E., Babiker, Mustafa H., Reilly, John
A weak double-dividend is the proposition that the welfare improvement from a green tax reform, where the revenue from an environmental tax is used to reduce other tax rates, must be greater than the...
A Note on Weak Double Dividends (2004)
Metcalf, Gilbert E., Babiker, Mustafa H., Reilly, John
A weak double-dividend is the proposition that the welfare improvement from a green tax reform, where the revenue from an environmental tax is used to reduce other tax rates, must be greater than the...
A Note on Weak Double Dividends (2004)
Metcalf, Gilbert E., Babiker, Mustafa H., Reilly, John
A weak double-dividend is the proposition that the welfare improvement from a green tax reform, where the revenue from an environmental tax is used to reduce other tax rates, must be greater than the...
A Note on Weak Double Dividends (2004)
Metcalf, Gilbert E., Babiker, Mustafa H., Reilly, John
A weak double-dividend is the proposition that the welfare improvement from a green tax reform, where the revenue from an environmental tax is used to reduce other tax rates, must be greater than the...
Oligopoly Deregulation and the Taxation of Commodities (2003)
Metcalf, Gilbert E., Norman, George
We examine market structure and optimal commodity taxation in a world in which firms produce differentiated products and can exert some degree of market power. Building on Kay and Keen (1983), we...
Oligopoly Deregulation and the Taxation of Commodities (2003)
Metcalf, Gilbert E., Norman, George
We examine market structure and optimal commodity taxation in a world in which firms produce differentiated products and can exert some degree of market power. Building on Kay and Keen (1983), we...
Oligopoly Deregulation and the Taxation of Commodities (2003)
Metcalf, Gilbert E., Norman, George
We examine market structure and optimal commodity taxation in a world in which firms produce differentiated products and can exert some degree of market power. Building on Kay and Keen (1983), we...
Oligopoly Deregulation and the Taxation of Commodities (2003)
Metcalf, Gilbert E., Norman, George
We examine market structure and optimal commodity taxation in a world in which firms produce differentiated products and can exert some degree of market power. Building on Kay and Keen (1983), we...
Gilbert E. Metcalf, George Norman, Gilbert E. Metcalf, George Norman, Jel No. D, Gilbert E. Metcalf, ...
We examine the interplay between market structure and the form that commodity taxation should take in a general equilibrium model in which firms produce differentiated products and so are able to...
Essays on the financial structure of state and local governments / (1988)
Thesis (Ph. D.)--Harvard University, 1988.
Tax Reform and Environmental Taxation
I measure the industry impacts of an environmental tax reform where a carbon tax is used to finance full or partial corporate tax integration. I find that the industry impacts of such a reform are...
Tax Exporting, Federal Deductibility, and State Tax Structure
This paper studies the interaction between the federal and state tax systems during the 1980s and in particular considers how the Tax Reform Act of 1986 affected state tax structure. Using a panel...
A Comment on the Role of Prices for Excludable Public Goods
Gilbert E. Metcalf, Jongsang Park
Blomquist and Christensen (2005) argue that welfare is initially decreasing in the price of an excludable public good and that the case for a positive public good price is weak. We argue that this...
Pollution Taxes in a Second-Best World
It is a pleasure to address this group today. I have decided to spend my time discussing recent issues involved in setting environmental taxes in a second-best world. This is an area that has seen an...
The Lifetime Incidence of State and Local Taxes: Measuring Changes During the 1980s
I compute the lifetime tax incidence of the major state and local taxes used in the United States during the 1980s. Using data from the Consumer Expenditure Survey, I show that over the life cycle,...
Energy Conservation in the United States: Understanding its Role in Climate Policy
Efforts to reduce carbon emissions significantly will require considerable improvements in energy intensity, the ratio of energy consumption to economic activity. Improvements in energy intensity...
Tax Reform and Environmental Taxation
I measure the industry impacts of an environmental tax reform where a carbon tax is used to finance full or partial corporate tax integration. I find that the industry impacts of such a reform are...
Energy Conservation in the United States: Understanding its Role in Climate Policy
Efforts to reduce carbon emissions significantly will require considerable improvements in energy intensity, the ratio of energy consumption to economic activity. Improvements in energy intensity...
Federal Tax Policy Towards Energy
On Aug. 8, 2005, President Bush signed the Energy Policy Act of 2005 (PL 109- 58). This was the first major piece of energy legislation enacted since 1992 following five years of Congressional...
Arbitrage and the Savings Behavior of State Governments
The federal tax code creates strong incentives for tax arbitrage activity on the part of state governments. This arbitrage activity is illegal and previous research has typically assumed that the...
Assessment of U.S. Cap-and-Trade Proposals
Sergey Paltsev, John M. Reilly, Henry D. Jacoby, Angelo C. Gurgel, Gilbert E. Metcalf, Andrei P. Sokolov, ...
The MIT Emissions Prediction and Policy Analysis model is applied to synthetic policies that match key attributes of a set of cap-and-trade proposals being considered by the U.S. Congress in spring...
Investment with Uncertain Tax Policy: Does Random Tax Policy Discourage Investment?
Hassett, Kevin A, Metcalf, Gilbert E
The authors consider the impact of tax policy uncertainty on firm level and aggregate investment, comparing investment behavior when uncertainty is due to a shock following geometric Brownian motion...
Fullerton, Don, Metcalf, Gilbert E., A. J. Auerbach, M. Feldstein
This chapter reviews the concepts, methods, and results of studies that analyze the incidence of taxes. The purpose of such studies is to determine how the burden of a particular tax is allocated...
Value-Added Taxation: A Tax Whose Time Has Come?
Value-added taxes (VATs) are used in a large number of developed countries and have been under consideration at the national level in the United States in recent years. This paper provides an...
Who pays broad-based energy taxes? Computing lifetime and regional incidence
Nicholas Bull, Kevin A. Hassett, Gilbert E. Metcalf
Power resources ; Taxation
Oligopoly Deregulation and the Taxation of Commodities
Gilbert E. Metcalf, George Norman
We examine the interplay between market structure and the form that commodity taxation should take in a world in which firms produce differentiated products and so are able to exert some degree of...
Oligopoly Deregulation in General Equilibrium: A Tax Neutralization Result
Gilbert E. Metcalf, George Norman
We examine the interplay between market structure and the form that commodity taxation should take in a general equilibrium model in which firms produce differentiated products and so are able to...
Tax Distortions and Global Climate Policy
Mustafa H. Babiker, Gilbert E. Metcalf, John Reilly
We consider the efficiency implications of policies to reduce global carbon emissions in a world with pre-existing tax distortions. We first note that the weak double-dividend, the proposition that...
Cap and Trade Policies in the Presence of Monopoly and Distortionary Taxation
Don Fullerton, Gilbert E. Metcalf
We extend a simple analytical general equilibrium model of environmental policy with pre-existing labor tax distortions to include pre-existing monopoly power as well. We solve for the endogenous net...
Measuring The Energy Savings From Home Improvement Investments: Evidence From Monthly Billing Data
Gilbert E. Metcalf, Kevin A. Hassett
An important factor driving energy policy over the past two decades has been the ''energy paradox,'' the perception that consumers apply unreasonably high hurdle rates to energy-saving investments....
Arbitrage and the Savings Behavior of State Governments.
The federal tax code creates strong incentives for tax arbitrage on the part of state governments. This arbitrage activity is illegal and previous research has typically assumed that the constraint...
Analysis of U.S. Greenhouse Gas Tax Proposals
Gilbert E. Metcalf, Sergey Paltsev, John Reilly, Henry Jacoby, Jennifer F. Holak
The U.S. Congress is considering a set of bills designed to limit the nation's greenhouse gas (GHG) emissions. This paper complements the analysis by Paltsev et al. (2007) of cap-and-trade bills and...
Assessing the Federal Deduction for State and Local Tax Payments
Federal deductibility for state and local taxes constitutes one of the largest tax expenditures in the federal budget and provides a significant source of federal support to state and local...
Designing A Carbon Tax to Reduce U.S. Greenhouse Gas Emissions
This article describes a revenue and distributionally neutral approach to reducing U.S. greenhouse gas emissions that uses a carbon tax. The revenue from the carbon tax is used to finance an...
Energy Tax Incentives and the Alternative Minimum Tax
Curtis Carlson, Gilbert E. Metcalf
We take a first look at limitations on the use of energy-related tax credits contained in the General Business Credit (GBC) due to limitations within the regular corporate income tax as well as the...
Do Tax-Exempt Bonds Really Subsidize Municipal Capital?
Roger H. Gordon, Gilbert E. Metcalf
We argue that the tax-exempt status of municipal bonds provides little or no subsidy to capital investment by communities. Instead, the tax exemption simply provides arbitrage opportunities to high...
The Role of Federal Taxation in the Supply of Municipal Bonds: Evidence From Municipal Governments
This paper considers ways in which federal tax policy affects municipal asset and debt holdings. The tax treatment of municipal bonds and income creates an arbitrage opportunity for communities to...
Investment with Uncertain Tax Policy: Does Random Tax Policy Discourage Investment?
Kevin Hassett, Gilbert E. Metcalf
In models with irreversible investment, increasing uncertainty about prices has been shown to increase the required rate of return (hurdle rate) and delay investment (e.g., Pindyck, 1988). One...
Lifecycle vs. Annual Perspectives on the Incidence of A Value Added Tax
This paper analyzes the steady state distribution of tax burdens of a Value Added Tax (VAT) in the United States using a lifetime perspective. In contrast to an annual snapshot perspective, I find...
Energy Tax Credits and Residential Conservation Investment
Kevin A. Hassett, Gilbert E. Metcalf
We model the decision to invest in residential energy conservation capital as an irreversible investment in the face of price uncertainty. The irreversible nature of this investment means that there...
Measuring the Energy Savings from Home Improvement Investments: Evidence from Monthly Billing Data
Gilbert E. Metcalf, Kevin A. Hassett
An important factor driving energy policy over the past two decades has been the Energy Paradox,' the perception that consumers apply unreasonably high hurdle rates to energy saving investments. We...
Environmental Taxes and the Double-Dividend Hypothesis: Did You Really Expect Something for Nothing?
Don Fullerton, Gilbert E. Metcalf
The double-dividend hypothesis' suggests that increased taxes on polluting activities can provide two kinds of benefits. The first is an improvement in the environment, and the second is an...
A Distributional Analysis of an Environmental Tax Shift
I use data from the 1994 Consumer Expenditure Survey as well as other sources to measure the distributional impact of green tax reforms and consumption tax reforms using both annual income and...
Don Fullerton, Inkee Hong, Gilbert E. Metcalf
We explore the effects of environmental taxes that imprecisely target pollution. A review of actual policies indicates few (if any) examples of a true tax on pollution. More typically, environmental...
Behavioral and Distributional Effects of Environmental Policy Introduction
Carlo Carraro, Gilbert E. Metcalf
This paper summarizes research presented at the FEEM-NBER Conference on the Behavioral and Distributional Effects of Environmental Policy, held in Milan Italy in June 1999.
Environmental Levies and Distortionary Taxation: Pigou, Taxation, and Pollution
Bovenberg and de Mooij (1994) showed that, in the presence of preexisting distorting taxes, the optimal pollution tax typically lies below social marginal damages. Many have viewed this result as a...
Don Fullerton, Gilbert E. Metcalf
This chapter reviews the concepts, methods, and results of studies that analyze the incidence of taxes. The purpose of such studies is to determine how the burden of a particular tax is allocated...
Cap and Trade Policies in the Presence of Monopoly and Distortionary Taxation
Don Fullerton, Gilbert E. Metcalf
We extend an analytical general equilibrium model of environmental policy with pre-existing labor tax distortions to include pre-existing monopoly power as well. We show that the existence of...
The Distribution of Tax Burdens: An Introduction
Gilbert E. Metcalf, Don Fullerton
This paper summarizes important developments in tax incidence analysis over the past forty years. We mark the date of the beginning of modern tax incidence analysis with the publication of Harberger...
Tax Distortions and Global Climate Policy
Mustafa H. Babiker, Gilbert E. Metcalf, John Reilly
We consider the efficiency implications of policies to reduce global carbon emissions in a world with pre-existing tax distortions. We first note that the weak double-dividend, the proposition that...
Oligopoly Deregulation and the Taxation of Commodities
Gilbert E. Metcalf, George Norman
We examine the interplay between market structure and the form that commodity taxation should take in a world in which firms produce differentiated products and so are able to exert some degree of...
Oligopoly Deregulation in General Equilibrium: A Tax Neutralization Result
Gilbert E. Metcalf, George Norman
We examine the interplay between market structure and the form that commodity taxation should take in a general equilibrium model in which firms produce differentiated products and so are able to...
A Comment on The Role of Prices for Excludable Public Goods
Gilbert E. Metcalf, Jongsang Park
Blomquist and Christensen (2005) argue that welfare is initially decreasing in the price of an excludable public good and that the case for a positive price for an excludable public good price is...
Federal Tax Policy Towards Energy
On Aug. 8, 2005, President Bush signed the Energy Policy Act of 2005 (PL 109-58). This was the first major piece of energy legislation enacted since 1992 following five years of Congressional efforts...
The Incidence of a U.S. Carbon Tax: A Lifetime and Regional Analysis
Kevin A. Hassett, Aparna Mathur, Gilbert E. Metcalf
This paper measures the direct and indirect incidence of a carbon tax using current income and two measures of lifetime income to rank households. Our results suggest that carbon taxes are more...
Using Tax Expenditures to Achieve Energy Policy Goals
Tax expenditures are a major source of support for energy related activities in the federal budget exceeding direct budget support for energy by a factor of nearly six. Focusing on the policy goals...
Investment Under Alternative Return Assumptions: Comparing Random Walks and Mean Reversion
Gilbert E. Metcalf, Kevin A. Hassett
Many recent theoretical papers have come under attack for modeling prices as Geometric Brownian Motion. This process can diverge over time, implying that firms facing this price process can earn...
Specification Testing in Panel Data With Instrumental Variables
This paper shows a convenient way to test whether instrumental variables are correlated with individual effects in a panel data set. It shows that the correlated fixed effects specification tests...
The Effect of Federal Tax Deductibility on State and Local Taxes and Spending.
Feldstein, Martin S, Metcalf, Gilbert E
This paper examines the effect of federal deductibility of state and local taxes on the fiscal behavior of state and local governments. The primary finding is that deductibil ity affects the way that...
CROSS-MEDIA TRANSFERS OF HAZARDOUS WASTES
Metcalf, Gilbert E., Dudek, Daniel J., Willis, Cleve E.
Resource /Energy Economics and Policy,
Tax Policies for Low-Carbon Technologies
The U.S. tax code provides a number of subsidies for low-carbon technologies. I discuss the difficulties of achieving key policy goals with subsidies as opposed to using taxes to raise the price of...
Cost Containment in Climate Change Policy: Alternative Approaches to Mitigating Price Volatility
Cap and trade systems are emerging as the front-running policy choice to address climate change concerns in many countries. One of the apparent attractions of this approach is the ability to achieve...
Market-Based Policy Options to Control U.S. Greenhouse Gas Emissions
The United States is moving closer to enacting a policy to reduce domestic emissions of greenhouse gases. A key element in any plan to reduce emissions will be to place a price on greenhouse gas...
Who Pays Broad-Based Energy Taxes? Computing Lifetime and Regional Incidence
Nicholas Bull, Kevin A. Hassett, Gilbert E. Metcalf
This paper measures the incidence of energy taxes using a lifetime framework to study both a Btu tax and a carbon tax. It takes into account two key facts. First, because energy taxes have different...
An Empirical Analysis of Energy Intensity and Its Determinants at the State Level
Aggregate energy intensity in the United States has been declining steadily since the mid-1970s and the first oil shock. Energy intensity can be reduced by improving efficiency in the use of energy...
The Incidence of a U.S. Carbon Tax: A Lifetime and Regional Analysis
Kevin A. Hassett, Aparna Mathur, Gilbert E. Metcalf
This paper measures the direct and indirect incidence of a carbon tax using current income and two measures of lifetime income to rank households. Our results suggest that carbon taxes are more...
Investment in Energy Infrastructure and the Tax Code
Federal tax policy provides a broad array of incentives for energy investment. I review those policies and construct estimates of marginal effective tax rates for different energy capital investments...
Investment in Energy Infrastructure and the Tax Code
Federal tax policy provides a broad array of incentives for energy investment. I review those policies and construct estimates of marginal effective tax rates for different energy capital investments...
Oligopoly Deregulation and the Taxation of Commodities
Gilbert E. Metcalf, George Norman
We examine market structure and optimal commodity taxation in a world in which firms produce differentiated products and can exert some degree of market power. Building on Kay and Keen (1983), we...
A Note on Weak Double Dividends
Gilbert E. Metcalf, Mustafa H. Babiker, John Reilly
A weak double-dividend is the proposition that the welfare improvement from a green tax reform, where the revenue from an environmental tax is used to reduce other tax rates, must be greater than the...