Comparing Renewable Energy Policies in E.U.15, U.S. and China: A Bayesian DSGE Model
构建贝叶斯DSGE模型，分析碳税和可再生能源补贴政策在欧盟15国、美国和中国应对技术冲击和需求冲击时的宏观经济影响，发现该政策有助于平滑可再生能源占比波动，且欧盟15国在实现电网平价方面具有比较优势。
ABSTRACT The promotion of renewable energy sources (RES) by governments is one way of helping countries to meet their energy needs while lowering greenhouse gas emissions. In this paper, we examine the role of energy policy in RES promotion, based on a carbon tax and RES price subsidy, at a time of technological and demand shocks in the European Union (E.U.) 15 countries, the United States (U.S.) and China, focusing on the macroeconomic implications. Using a dynamic stochastic general equilibrium model for RES and fossil fuels, our results suggest that, in the presence of a total factor productivity shock in the fossil fuel sector, such an energy policy can also be a driving force for smoothing the reduction of RES in the energy market (and vice versa). Additionally, we show that the E.U.15 grouping has a comparative advantage in terms of reaching grid parity compared with the other countries we considered which are more fossil fuel dependent.