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The Economic Impacts of Clean Power

카테고리
국외자료
개인저자
Costas Arkolakis, Conor Walsh
발행기관
NBER
발행년월
2024.10
페이지수
68p
URL
요약
In this paper we assess the economic impacts of moving to a renewable-dominated grid in the US. We use projections of capital costs to develop price bounds on future wholesale power prices at the local geographic level. We then use a class of spatial general equilibrium models to estimate the effect on wages and output of prices falling below these bounds in the medium term. Power prices fall anywhere between 20% and 80%, depending on local solar resources, leading to an aggregate real wage gain of 2-3%. Over the longer term, we show how moving to clean power represents a qualitative change in the aggregate growth process, alleviating the “resource drag” that has slowed recent productivity growth in the US.