Taxing Fossil Fuels under Speculative Storage ePub (Adobe DRM) download by Semih Tumen

Taxing Fossil Fuels under Speculative Storage

INTERNATIONAL MONETARY FUND
Publication date: December 2014
ISBN: 9781498369923
Digital Book format: ePub (Adobe DRM)

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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.
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