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Efficiency–equity trade-off in the Irish carbon tax: A CGE investigation of mixed revenue recycling schemes

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  • de Bruin, Kelly
  • Yakut, Aykut Mert
Abstract
The literature shows that earmarking carbon tax revenues to reduce other distortionary taxes can mitigate the tax’s adverse economic implications, whereas transferring revenues directly to households can reduce the tax’s negative equity implications. This paper employs a dynamic applied general equilibrium model to examine the inherent efficiency–equity trade-off in Irish carbon tax revenue recycling (RR). We analyse pure RR schemes, where total carbon tax revenues are allocated either to increased household transfers or to tax rate reductions and mixed schemes, which combine these two. The findings show that all tax reduction RR options can reduce emissions while increasing gross domestic product and welfare (creating a double dividend), but they also increase inequality. However, when sales tax reductions are combined with household transfers, increased efficiency and equity can be found, resulting in a triple dividend. This paper contributes to the literature by directly investigating the efficiency–equity trade-offs in detailed mixed RR schemes. From a policy perspective, we conclude that mixed RR options generate better outcomes as the government can directly balance efficiency and equity outcomes.

Suggested Citation

  • de Bruin, Kelly & Yakut, Aykut Mert, 2024. "Efficiency–equity trade-off in the Irish carbon tax: A CGE investigation of mixed revenue recycling schemes," Economic Modelling, Elsevier, vol. 134(C).
    • Handle: RePEc:eee:ecmode:v:134:y:2024:i:c:s0264999324000610
    DOI: 10.1016/j.econmod.2024.106705
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    Keywords

    Carbon tax; Emissions; Pure revenue recycling; Mixed/hybrid revenue recycling; Intertemporal CGE;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D15 - Microeconomics - - Household Behavior - - - Intertemporal Household Choice; Life Cycle Models and Saving
    • D25 - Microeconomics - - Production and Organizations - - - Intertemporal Firm Choice: Investment, Capacity, and Financing
    • H23 - Public Economics - - Taxation, Subsidies, and Revenue - - - Externalities; Redistributive Effects; Environmental Taxes and Subsidies
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth

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