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A macroeconomic plan for a green recovery

Zenghelis, Dimitri (2011) A macroeconomic plan for a green recovery. Policy Paper. The London School of Economics and Political Science, London, UK.

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Abstract

A unique green opportunity has arisen for policy-makers to create viable new markets, boost private investment and innovation, and stimulate the economy without requiring large public expenditure. By sending a credible market signal in the form of clearly identified market-based policy instruments — involving long-term carbon pricing, standards and regulations, together with carefully designed technology support — the government has the potential to unlock private investment in renewable energy, energy efficiency and low-carbon vehicles. It would do so by utilising the historically vast pool of available private saving. Macroeconomic theory and evidence tells us that in the current economic environment, this could unleash sizeable economic benefits by boosting private spending, creating jobs and generating tax revenues. It would also allow the monetary authorities greater leeway to stimulate demand. Moreover, this private investment need not be expected to crowd out alternative capital expenditure or boost public borrowing.

Item Type: Monograph (Working Paper)
Additional Information: © 2011 The Author
Divisions: Grantham Research Institute
Subjects: G Geography. Anthropology. Recreation > GE Environmental Sciences
H Social Sciences > HG Finance
Sets: Research centres and groups > Grantham Research Institute on Climate Change and the Environment
Date Deposited: 11 Apr 2017 11:14
Last Modified: 23 May 2020 23:33
URI: http://eprints.lse.ac.uk/id/eprint/69758

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