Getting To Know Gmmet The Global Macroeconomic Model For The Energy Transition
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Getting To Know Gmmet The Global Macroeconomic Model For The Energy Transition
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Author : Benjamin Carton
language : en
Publisher: International Monetary Fund
Release Date : 2023-12-22
Getting To Know Gmmet The Global Macroeconomic Model For The Energy Transition written by Benjamin Carton and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-12-22 with Business & Economics categories.
This paper presents GMMET, the Global Macroeconomic Model for the Energy Transition, and provides documentation of the model structure, data sources and model properties. GMMET is a large-scale, dynamic, non-linear, microfounded multicountry model whose purpose is to analyze the short- and medium-term macroeconomic impact of curbing greenhouse gas (GHG) emissions. The model provides a detailed description of GHG-emitting activities (related to both fossil fuel and non-fossil-fuel processes) and their interaction with the rest of the economy. To better capture real world obstacles of the energy transition, GMMET features a granular modelling of electricity generation (capturing the intermittency of renewables), transportation (capturing network externalities between charging stations and electric vehicle adoption), and fossil fuel mining (replicating estimated supply elasticities at various time horizons). The model also features a rich set of policy tools for the energy transition, including taxation of GHG emissions, various subsidies, and regulations.
Public Debt Dynamics During The Climate Transition
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Author : Mr. Daniel Garcia-Macia
language : en
Publisher: International Monetary Fund
Release Date : 2024-03-29
Public Debt Dynamics During The Climate Transition written by Mr. Daniel Garcia-Macia and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-03-29 with Business & Economics categories.
Managing the climate transition presents policymakers with a tradeoff between achieving climate goals, fiscal sustainability, and political feasibility, which calls for a fiscal balancing act with the right mix of policies. This paper develops a tractable dynamic general equilibrium model to quantify the fiscal impacts of various climate policy packages aimed at reaching net zero emissions by mid-century. Our simulations show that relying primarily on spending measures to deliver on climate ambitions will be costly, possibly raising debt by 45-50 percent of GDP by 2050. However, a balanced mix of carbon-pricing and spending-based policies can deliver on net zero with a much smaller fiscal cost, limiting the increase in public debt to 10-15 percent of GDP by 2050. Carbon pricing is central not only as an effective tool for emissions reduction but also as a revenue source. Delaying carbon pricing action could increase costs, especially if less effective measures are scaled up to meet climate targets. Technology spillovers can reduce the costs but bottlenecks in green investment could unwind the gains and slow the transition.
United States
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2023-06-15
United States written by International Monetary Fund. Western Hemisphere Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-06-15 with Business & Economics categories.
The U.S. economy has proven resilient in the face of the significant tightening of both fiscal and monetary policy in 2022. Consumer demand has held up particularly well, boosted initially by a drawdown of pent-up savings and, more recently, by solid growth in real disposable incomes. Policy restraint is expected to continue to slow the economy in 2023 with a modest pick-up in momentum later in 2024. Unemployment is expected to rise slowly to close to 41⁄2 percent by end-2024.
Emissions Reduction Fiscal Costs And Macro Effects A Model Based Assessment Of Ira Climate Measures And Complementary Policies
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Author : Simon Voigts
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-09
Emissions Reduction Fiscal Costs And Macro Effects A Model Based Assessment Of Ira Climate Measures And Complementary Policies written by Simon Voigts and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-09 with Business & Economics categories.
The IMF’s Macroeconomic Model for the Energy Transition (GMMET) is applied to assess the climate-related measures in the U.S. 2022 Inflation Reduction Act (IRA). Explicitly accouting for corporate income tax funding and assuming no permitting delays for energy-related investment, the measures are expected to cut annual greenhouse gas emissions by 710 MMT by 2030, predominantly driven by more electricity generation from renewables combined with a rising share of electric vehicles. Aggregate output and inflation are not impacted significantly, while the fiscal costs amount to about $700 billion through 2030 (another $120 billion of fixed grants and loans are not modelled). In the presence of investment delays from permitting, emission cuts would be reduced by about a third. We also show that the IRA leaves room for sizable additional emission abatement at very low costs; by targeting electricity generation from coal and methane emissions from oil and gas industries.
Imf Terminology Bulletin
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Author : International Monetary Fund. Corporate Services and Facilities Department
language : en
Publisher: International Monetary Fund
Release Date : 2023-10-10
Imf Terminology Bulletin written by International Monetary Fund. Corporate Services and Facilities Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-10 with Business & Economics categories.
The world has witnessed transformational changes in recent years, not the least in technical parlance. With the massive amount of new and interdisciplinary concepts, the need has emerged to standardize and communicate emerging technical terms in languages other than English. The language Services Division of the IMF’s Corporate Services and Facilities Department prepared this thematic bulletin as a contribution to the international effort of linguists and translation experts, for the benefit of topical experts, member countries, professional translators and interpreters, and the general public. It is produced on the occasion of the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund in Marrakesh, Morocco.
World Economic Outlook October 2022
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-10-11
World Economic Outlook October 2022 written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-11 with Business & Economics categories.
Global economic activity is experiencing a broad-based and sharper-than-expected slowdown, with inflation higher than seen in several decades. The cost-of-living crisis, tightening financial conditions in most regions, Russia’s invasion of Ukraine, and the lingering COVID-19 pandemic all weigh heavily on the outlook. Global growth is forecast to slow from 6.0 percent in 2021 to 3.2 percent in 2022 and 2.7 percent in 2023. This is the weakest growth profile since 2001 except for the global financial crisis and the acute phase of the COVID-19 pandemic. Global inflation is forecast to rise from 4.7 percent in 2021 to 8.8 percent in 2022 but to decline to 6.5 percent in 2023 and to 4.1 percent by 2024. Monetary policy should stay the course to restore price stability, and fiscal policy should aim to alleviate the cost-of-living pressures while maintaining a sufficiently tight stance aligned with monetary policy. Structural reforms can further support the fight against inflation by improving productivity and easing supply constraints, while multilateral cooperation is necessary for fast-tracking the green energy transition and preventing fragmentation.
Carbon Prices And Inflation In The Euro Area
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Author : Maximilian Konradt
language : en
Publisher: International Monetary Fund
Release Date : 2024-02-16
Carbon Prices And Inflation In The Euro Area written by Maximilian Konradt and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-02-16 with Business & Economics categories.
What is the effect of carbon pricing on inflation? This paper shows empirically that the consequences of the European Union’s Emission Trading System (ETS) and national carbon taxation on inflation have been limited in the euro area, so far. This result is supported by analysis based on a panel local projections approach, as well as event studies based on individual countries. Our estimates suggest that carbon taxes raised the price of energy but had limited effects on overall consumer prices. Since future climate policy will need to be much more ambitious compared to what has been observed so far, including the need for larger increases in carbon prices, possible non-linearities might make extrapolating from historical results difficult. We thus also use input-output tables to simulate the mechanical effect of a carbon tax consistent with the EU’s ‘Fit-for-55’ commitments on inflation. The required increase of effective carbon prices from around 40 Euro per ton of CO2 in 2021 to around 150 Euro by 2030 could raise annual euro area inflation by between 0.2 and 0.4 percentage points. It is worth noting that the energy price increases caused by the rise in the effective carbon price to 150 Euro is substantially smaller than the energy price spike seen in 2022 following the invasion of Ukraine.
Perspectives De L Conomie Mondiale Avant Propos Octobre 2022
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Author : International Monetary Fund. Research Dept.
language : fr
Publisher: International Monetary Fund
Release Date : 2022-10-11
Perspectives De L Conomie Mondiale Avant Propos Octobre 2022 written by International Monetary Fund. Research Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-11 with Business & Economics categories.
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Interim Review Of The Resilience And Sustainability Trust And Review Of Adequacy Of Resources
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Author : International Monetary Fund. Strategy, Policy, & Review Department
language : en
Publisher: International Monetary Fund
Release Date : 2024-06-24
Interim Review Of The Resilience And Sustainability Trust And Review Of Adequacy Of Resources written by International Monetary Fund. Strategy, Policy, & Review Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-06-24 with categories.
The Resilience and Sustainability Trust (RST) provides affordable longer-term financing to help eligible IMF members address longer-term structural challenges, thereby progressing toward strengthening their prospective balance of payments stability. This paper takes stock of the initial experience with the RST—focusing on progress and challenges so far—and proposes fine-tuning RST design with a view to strengthening implementation of the Trust’s objectives. The paper also provides an assessment of the adequacy of the Trust’s resources and finds that increased near-term fundraising will be needed to meet strong demand. The Trust’s reserves remain adequate in the baseline and under a range of risk scenarios.
Caribbean Energy
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Author : Arnold McIntyre
language : en
Publisher: International Monetary Fund
Release Date : 2016-03-08
Caribbean Energy written by Arnold McIntyre and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-08 with Business & Economics categories.
High energy costs contribute to dampening Caribbean competitiveness and potential growth. This paper overviews power sector challenges and takes stock of national and regional strategies to address them. It presents recommendations to move the energy agenda forward based on analyses of macro-aspects of energy reform. These include: i) quantitative assessment of the impact of energy costs on growth and competitiveness; ii) evaluation of gains from implementing announced renewable energy and energy efficiency targets; and iii) analysis of the impact of energy investments on debt sustainability. The paper argues for a bigger role for the private sector in energy reform and discusses prerequisites for good public-private partnerships.