Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 23, 2023 erstellt
Description:
The carbon intensity of U.S. output has experienced a secular decline in recent decades. Using an agnostic identification approach we show that news about future total factor productivity explain the bulk of long-run variation in emission intensity. News about green technologies give rise to similar dynamics. Both innovations precede a persistent increase of output and TFP. Yet, they are associated with only a temporary decline of emissions, followed by a hump-shaped rebound. New technologies have thus been a key driver of growth in recent decades but have not permanently reduced emissions. We discuss the economic underpinnings of this rebound effect