MAKING CARBON TAXATION A GENERATIONAL WIN WIN
用55期重叠世代模型计算最优碳税，发现每吨70美元、年增1.5%的碳税能使所有代际福利提高近5%，但需要大规模代际再分配。
Abstract Carbon taxation is mostly studied in social planner or infinitely lived‐agent models, which obscure carbon taxation's potential to produce a generational win win. This article's large‐scale, dynamic 55‐period, overlapping generations model calculates the carbon tax policy delivering the highest uniform welfare gain to all current and future generations. Our model features coal, oil, and gas, increasing extraction costs, clean energy, technical and demographic change, and Nordhaus' carbon/temperature/damage functions. Assuming high‐end carbon damages, the optimal carbon tax is $70, rising annually at 1.5%. This policy raises all generations' welfare by almost 5%. However, doing so requires major intergenerational redistribution.