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Fundamental U.S. Tax Reform and Energy Markets

Abstract:
This paper presents a new intertemporal general equilibrium model of the U. S. economy incorporating a detailed representation of U.S. tax structure. We employ the model to analyze the impact of fundamental tax reform on U.S. energy markets. More rapid economic growth would dominate energy conservation, leading to greater energy consumption and higher carbon emissions.

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Energy Specializations: Petroleum – Policy and Regulation; Natural Gas – Policy and Regulation; Energy and the Economy – Energy as a Productive Input; Energy and the Economy –Economic Growth and Energy Demand; Energy and the Economy – Resource Endowments and Economic Performance; Energy and the Economy – Energy Shocks and Business Cycles

JEL Codes:
E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General
O13 - Economic Development: Agriculture; Natural Resources; Energy; Environment; Other Primary Products
Q34 - Natural Resources and Domestic and International Conflicts
F44 - International Business Cycles

Keywords: Tax reform, Energy Markets, US, general equilibrium model, tax policy

DOI: 10.5547/ISSN0195-6574-EJ-Vol18-No3-1


Published in Volume18, Number 3 of The Quarterly Journal of the IAEE's Energy Economics Education Foundation.