Emission Reduction Effects of Non-homothetic Preferences,Carbon Market and Heterogeneous Policy Coordination
The green recovery of China's economy requires correctly handling the relationship between the"dual carbon"goal and economic development.This paper reveals the heterogeneous effect of carbon emission reduction when the carbon market,structural monetary policy,and fiscal policy interact under non-homothetic preferences.It also emphasizes the importance of matching the carbon market with monetary and fiscal policies based on consumption and production.The research results have vital theoretical and practical significance for China's policy to achieve the"double carbon"goal.By constructing an E-DSGE model that includes residents'non-homothetic preferences and heterogeneous producers,this paper finds that the carbon market affects the emission reduction constraints of the green sector through carbon quotas,motivating them to produce relative net emissions and achieve carbon emission reduction goals.The increase in non-homothetic preferences has a"ratchet effect"on green consumption,leading to higher consumption levels.Further research shows that under the impact of green technology,the impact of the carbon market combined with other policies increases,and the policies have larger synergistic effects.Under low non-homothetic preference,the structural guiding role of carbon market policies will be ineffective.Finally,the welfare effect analysis shows that the intertemporal substitution mechanism generated by the increase in non-homothetic preferences provides advantages to low-carbon production.In particular,a policy mix that includes the carbon market can enhance the ability of households with high non-homothetic preferences to use shocks for intertemporal substitution.The policy implications of this paper are as follows.First,policy coordination will be the key to achieving better economic and environmental results in the"dual carbon"process.Therefore,carbon market should consider the content and timing of implementing other macroeconomic policies when regulating carbon quotas.Second,monetary policy incorporating emission reduction targets plays a crucial role in promoting emission reduction and the green transformation of the economic structure.The central bank should encourage social capital to flow into key carbon reduction areas.Third,the fiscal system needs to enrich the sources and investment channels of funds related to"dual carbon".The fiscal department needs to consider the coordination of the fiscal system with the emissions trading scheme(ETS),carbon tariff,and boundary adjustment mechanism.Fourth,the government should advocate low-carbon consumption among the public and promote consumption upgrades to release the green consumption potential.The contributions of this paper are mainly reflected in the following aspects.First,this paper innovatively studies the effect of different macroeconomic policy combinations on carbon emission reduction based on differences in demand structures.This helps to make the theoretical model more realistic and discover some results that do not exist under the single preference hypothesis,which has unique theoretical value for expanding the field of carbon market research.Second,based on the realistic foundation of carbon market operation and related emission reduction policies,this paper constructs heterogeneous producers'E-DSGE model,including ETS,structural monetary policy,and fiscal policy.These settings and tests help theoretically expand research on the emission reduction effects of heterogeneous policy combinations.Third,it further explores the welfare costs caused by implementing"package"policies and expands the current analysis boundaries of the welfare effects of a single policy.
NETL
NSTL
万方数据
维普
