Renewable energy sources policies in a Bayesian DSGE model

Argentiero, Amedeo; Bollino, Carlo Andrea; Micheli, Silvia; Zopounidis, Constantin

doi:10.1016/j.renene.2017.12.057

Cited by 42 publications

(21 citation statements)

References 31 publications

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“…It is believed that the dynamics of the development of solar energy production is mainly determined by insolation conditions in individual regions [42], as well as the policy of financial support for investments in this field, the pro-environmental awareness of residents [13,43] and the way solar energy is being managed in the grid [44].…”

Section: Introductionmentioning

confidence: 99%

Photovoltaic Farms—Economic Efficiency of Investments in North-East Poland

2021

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The abandonment of conventional sources in favor of energy from renewable energy sources (RES) has a global dimension, and the dynamic increase in the share of energy from photovoltaic systems in the energy mix of many countries results from the possibility of obtaining it both on a small scale (micro-installations) and as part of economic investments (photovoltaic power plants). The study aimed to assess the economic efficiency of 22 photovoltaic farms located in northeastern Poland. The research covered 5 solar power plants with a capacity of up to 799 kWp (I), 13 between 800 and 1100 kWp (II), and 4 installations of 1.98 MWp (III). The evaluation was based on net present value (NPV), internal rate of return (IRR), payback period (PP), profitability index (PI), accounting rate of return (ARR). Additionally, a sensitivity analysis was carried out regarding the value of economic indicators. The analysis shows that all studied PV farms are economically justified investments (NPV > 0) regardless of the adopted scenario. Solar power plants of the largest analyzed capacity (group III) resulted in being the most profitable ones, but no linear relationship between the level of productivity and profitability was established. Due to the large variation in terrain shape in northeastern Poland, landscape value and social benefits, which are difficult to assess, the support system for investments regarding the construction of photovoltaic power plants proved to be the most effective in group I.

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Section: Introductionmentioning

confidence: 99%

Photovoltaic Farms—Economic Efficiency of Investments in North-East Poland

2021

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“…Incentive carbon emission reduction subsidy policy is capable of promoting the firms' carbon emission abatement initiatives [26]. Argentiero et al [27] built a DSGE model that included carbon taxes and subsidies to compare the cost-effectiveness under technology-driven shock and demand-driven shock. Xu et al [28] studied the interaction scenario in which the government imposes carbon taxes on manufacturers and gives subsidies to consumers who purchase green products.…”

Section: Incentive Carbon Emission Reduction Subsidy Policymentioning

confidence: 99%

Carbon Tax, Subsidy, and Emission Reduction: Analysis Based on DSGE Model

Peng

2020

Complexity

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Carbon emission has negative externalities, which will cause severe natural and social problems. In recent years, more and more attention has been paid to carbon emission reduction issue both in academic and application fields. This paper aims to explore the impact of punitive carbon tax and incentive carbon emission reduction subsidy on economy and environment through the dynamic stochastic general equilibrium (DSGE) framework. The results show that both carbon tax and carbon emission reduction subsidy policies can help to reduce carbon emissions and to improve environment quality. In addition, carbon emission reduction subsidy has a positive impact on economy, while carbon tax has the opposite impact. It follows that the incentive carbon emission reduction policy is more conducive to the coordinated development of economy and environment. This research can be a guideline for the government to formulate carbon emission abatement policies from the perspective of coordinated development.

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“…Also, delay in intervention is costly to the economy. Likewise; Argentiero et al (2018) investigated the effectiveness of a cost-effective strategy for the implementation of renewable energy strategies based on either technology push and demand pull measures in a DSGE model. They found out that a technology push measure is more suitable and effective.…”

Section: Literature Reviewmentioning

confidence: 99%

“…The SOEDSGE model that is adapted in this study is in line with Argentiero et al (2018). The model assumes the existence of optimizing economic agents that base their current decision on their anticipation about the future.…”

Section: The Soedsge Modelmentioning

confidence: 99%

“…The prior mean of the inverse elasticity of substitution (σ) was fixed at 3.00 in line with Cebi (2011) using the beta distribution. The share of renewable energy in the output of the energy sector (η) was fixed at 0.12 based on Argentiero et al (2018), following a beta distribution. The fixed value of this parameter depicts that the small portion of renewable energy technology that has been adopted in Nigeria.…”

Section: Priorsmentioning

confidence: 99%

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Untitled

2019

IJEEP

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Macroeconomic fluctuations observed in real economies are results of identifiable shocks in form of technology, monetary, fiscal, trade, energy or a combination of these shocks. The adverse effects of energy price shocks, in recent decades, have made the call for renewable energy source important. This call is most appropriate in a mono-cultural economy where the fluctuations in crude oil pricing are easily transmitted into the economy. Therefore, this paper seeks to investigate the consequences of technology, and energy shocks on key macroeconomic variables including output and consumption using an energy augmented small open economy dynamic stochastic general equilibrium model. The model is estimated using Bayesian techniques under different scenarios in order to show the various ramifications of the shocks to the Nigerian economy. The findings show that shocks to the renewable energy sector have more impact of the Nigerian economy compared to shocks to the fossil fuel sector.

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Renewable energy sources policies in a Bayesian DSGE model

Cited by 42 publications

References 31 publications

Photovoltaic Farms—Economic Efficiency of Investments in North-East Poland

Photovoltaic Farms—Economic Efficiency of Investments in North-East Poland

Carbon Tax, Subsidy, and Emission Reduction: Analysis Based on DSGE Model

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