This paper develops a climate–economy model to study the joint design of optimal climate and fiscal policies in economies with overlapping generations (OLGs). I demonstrate how capital taxation, if optimal, drives a wedge between the market costs of carbon (the net present value of marginal damages using the market interest rate) and the Pigouvian tax (the net present value of marginal damages using the consumption discount rate of successive OLGs). In contrast to deterministic infinitely lived representative agent models, at the optimum, the capital income tax is positive, the carbon price equals the market costs of carbon but it falls short of the Pigouvian tax when (i) preferences are not separable over consumption and leisure; and (ii) labor income taxes cannot be age-dependent. I also show that restrictions on climate change policy provide a novel rationale for positive capital income taxes.

中文翻译：

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OLG 经济中的最佳气候和财政政策

本文开发了一个气候经济模型来研究代际重叠经济体（OLG）中最优气候和财政政策的联合设计。我证明了资本税（如果是最优的）如何在碳的市场成本（使用市场利率计算的边际损害的净现值）和庇古税（使用消费贴现率计算的边际损害的净现值）之间形成楔子。连续的 OLG）。与确定性无限寿命代表代理模型相反，在最优情况下，资本所得税为正，碳价格等于碳的市场成本，但当（i）偏好与消费和休闲不可分离时，它低于庇古税; (ii) 劳动所得税不能与年龄相关。