The Green Solow Model
William A. Brock, M. Scott Taylor
NBER Working Paper No. 10557
Issued in June 2004
Issued in June 2004
http://www.nber.org/papers/w10557
NBER Program(s):Economic Fluctuations and Growth, Environment and Energy Economics
NBER Program(s):Economic Fluctuations and Growth, Environment and Energy Economics
We demonstrate that a key empirical finding in environmental economics -
The Environmental Kuznets Curve - and the core model of modern
macroeconomics - the Solow model - are intimately related. Once we amend
the Solow model to incorporate technological progress in abatement, the
EKC is a necessary by product of convergence to a sustainable growth
path. Our amended model, which we dub the Green Solow', generates an
EKC relationship between both the flow of pollution emissions and income
per capita, and the stock of environmental quality and income per
capita. The resulting EKC may be humped shaped or strictly declining. We
explain why current methods for estimating an EKC are likely to fail
whenever they fail to account for cross-country heterogeneity in either
initial conditions or deep parameters. We then develop an alternative
empirical method closely related to tests of income convergence employed
in the macro literature. Preliminary tests of the model's predictions
are investigated using data from OECD countries.
ttps://ideas.repec.org/a/kap/jecgro/v15y2010i2p127-153.html
Machine-readable bibliographic record - MARC, RIS, BibTeX
Document Object Identifier (DOI): 10.3386/w10557
Published: William Brock & M. Taylor, 2010.
"The Green Solow model,"
Journal of Economic Growth,
Springer, vol. 15(2), pages 127-153, June.
citation courtesy of
http://www.nber.org/papers/w10557
DOI: 10.1007/s10887-010-9051-0
https://link.springer.com/article/10.1007%2Fs10887-010-9051-0
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