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Virtual Seminar on Climate Economics - Shared screen with speaker view
Glenn Rudebusch (SF Fed)
Type in your questions using this chat feature, and select “raise your hand”, so we can easily unmute you. If you want me to read the question, start question with “Please ask …”. Given the very large audience, please be concise.
Toan Phan
Clarifying question: does the Ricardian equivalence hold in your framework?
Emily McGlynn
It's clear I'm not understanding something fundamental, but why is welfare improvement higher when labor tax is held constant vs. when labor tax can be set optimally?
Glenn Rudebusch (SF Fed)
See my new paper with Michael Bauer.
Glenn Rudebusch (SF Fed)
please raise your hand to ask your question
Michael Bauer
The $2-3 SCC estimate used in public policy is implausibly low not only because it ignores international damages, but also because the underlying discount rate is implausibly high.
Toan Phan
I agree with Michael’s point. Calibrating the discount rate to interest rate data can help. R is quite low these days, indicating high SCC.