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DTSTART;TZID=Europe/Helsinki:20251006T121500
DTEND;TZID=Europe/Helsinki:20251006T133000
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SUMMARY:Philippe AGHION (Collège de France\, INSEAD\, LSE\, and CEPR) "Transition to Green Technology along the Supply Chain"
DESCRIPTION:[vc_row][vc_column][vc_column_text]Macro seminar\nTime : 12h15 – 13h30 \nDate : 06 th  October 2025 \nAmphi 1003 du BEM \nPhilippe AGHION (INSEAD) “Transition to Green Technology along the Supply Chain” \nAbstract: We analyze a model of green technological transition along a supply chain. The model generates a unique equilibrium for given initial conditions but multiple steadystates. We show that: (i) even in the presence of Pigouvian environmental taxation\, targeted sectoral subsidies are generally necessary to implement the social optimum; (ii) small\, targeted industrial policy may bring large welfare gains; (iii) a government\nwhich is unable to subsidize greenification in more than one sector or price carbon at its true social cost should primarily target downstream sectors; (iv) overinvesting in greenification in the wrong upstream branch may derail the overall transition towards greenification. Finally\, we calibrate our model to decarbonization of heavy duty transportation (trucking\, aviation\, etc.) via hydrogen. We find that\, absent industrial policy\, the economy can get stuck in the “wrong” steady-state with CO2 emissions vastly above the social optimum even with a Pigouvian carbon price in place. \nJoint work : Lint Barrage (ETH Zurich and CEPR)\, Eric Donald (University of Pittsburg)\, David Hémous (U Zurich and CEPR)\, Ernest Liu (Princeton and NBER) \nOrganizer : Grégory CORCOS \n
URL:https://crest.science/event/philippe-aghion-insead-t-b-a/
CATEGORIES:Macroeconomics,Seminars
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