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Summarization: Environmental policy measures to reduce greenhouse gases emission to mitigate climate change are common practice in many developed countries, encompassing both technology-push measures and demand-pull measures. The effectiveness of such policies continues to need investigation, especially when shortsighted measures lead to suboptimal investments in the absence of a credible government commitment. The aim of this paper is to assess the effectiveness of a comprehensive strategy for renewable energy sources in a dynamic stochastic general equilibrium model estimated for the Euro area using Bayesian estimation techniques, which includes carbon tax and subsidy measures. To this end, we compare the cost-effectiveness of technology-push measures and demand-pull measures. Our findings show that the environmental policy based on technology-push measures may produce better dynamic effects than demand-pull measures based on a subsidy policy of equal monetary amount. In fact, RES price parity is estimated to occur sooner by implementing technology-push measures than demand-pull measures. ; Παρουσιάστηκε στο: Renewable Energy

Recent economic recovery of the world economy after almost four years of deep recession due to positive factors (favourable outlook of oil prices and the lower interest rates in the USA and other industrial nations). However, negative factors (serious government fiscal debts in most of the industrial nations, the huge accumulated external debts of major non-oil developing countries and a fall in imports and capital outflow from OPEC) tend to keep the world economy from accelerated recovery. The authors analyze the basic mechanism and interrelations of these factors