0000011363 00000 n 0000007833 00000 n 0000003461 00000 n : Lessons learned from past green stimulus measures and implications for the COVID-19 crisis”, OECD Environment Working Papers No. The content of this field is kept private and will not be shown publicly.

Yamazaki, A (2017), “Jobs and climate policy: Evidence from British Columbia’s revenue-neutral carbon tax”, Journal of Environmental Economics and Management 83: 197-216.

This is a major drawback in the ’green jobs’ debate, given that nations are being encouraged to engineer non-marginal changes in the structures of their economies, particularly those connected with energy supply and demand. The Covid-19 crisis may trigger long-term structural transformations in the economy that are largely unpredictable now.

xref Wilson, D J (2012), “Fiscal spending jobs multipliers: Evidence from the 2009 American Recovery and Reinvestment Act”, American Economic Journal: Economic Policy 4(3): 251-82. green economy publications including reports, policy papers, toolkits and national strategies. Rather than boosting overall economic activity in the short-run, green ARRA investments were more successful at reshaping the economy towards green sectors by increasing the local demand for green skills.

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Strong carbon pricing signals also help mitigate the rebound effects of energy-efficient investments.

European Research Workshop in International Trade (ERWIT) 2020, Public Investment for the Recovery: IMF October 2020 Fiscal Monitor, CEPR Virtual Industrial Organization Seminar 18 - Patterns of Competitive Interaction, 2nd Conference on Behavioral Research in Finance, Governance, and Accounting (BFGA 2020), Fifth Conference Global Value Chains Trade and Development "Trade Agreements and Supply Chains", Homeownership of immigrants in France: selection effects related to international migration flows, Climate Change and Long-Run Discount Rates: Evidence from Real Estate, The Permanent Effects of Fiscal Consolidations, Demographics and the Secular Stagnation Hypothesis in Europe, QE and the Bank Lending Channel in the United Kingdom, Independent report on the Greek official debt, Rebooting the Eurozone: Step 1 – Agreeing a Crisis narrative.

These results suggest that the green ARRA worked more slowly than other stimulus programs, such as construction and highway infrastructure, which had significant effects on short-run job creation (e.g.

How effective is a green stimulus at jumpstarting the economy?

While the focus of a first round of stimulus spending will be on investments best able to restart each country’s economy quickly, subsequent investment rounds can be used as an opportunity to invest in resilient infrastructure. Learn how the World Bank Group is helping countries with COVID-19 (coronavirus). 0000005764 00000 n For example, renewable energy supply appears to be more labor intensive than fossil-fuel-based supply, per megawatt and per dollar. While green ARRA investments had a large positive effect on job creation, there is little evidence of significant employment gains in the short-run. Popp, D, F Vona, G Marin and Z Chen (2020), “The Employment Impact of Green Fiscal Push: Evidence from the American Recovery Act”, NBER working paper No w27321. 2019).

Green stimulus programs may have larger environmental benefits when complemented with carbon pricing policies, such as carbon taxes or cap-and-trade systems. To answer this question, it is necessary to understand how labor markets are likely to react to these policies.

It is also desirable to consider the implications of labor market models tailored to countries’ particular circumstances – for example, for many developing countries, the implications of multi-sector models where each sector’s labor market behaves differently need to be explored.

Bick, A and A Blandin (2020), “Real-time labour market estimates during the 2020 coronavirus outbreak”, VoxEU.org, 6 May.

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