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Gilbert E. Metcalf



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July 2015

"The Role of Integrated Assessment Models in Climate Policy: A User's Guide and Assessment—Summary"

Policy Brief

By Gilbert E. Metcalf and James Stock

Emitting carbon dioxide (CO2 )—and other greenhouse gases—imposes a cost on society because it contributes to damages from climate change. This "social cost" is also known as an "externality," in that the emitter does not bear this cost. The "Social Cost of Carbon" (SCC), then, is the "marginal monetized externality value" of damages from CO2 emissions, where "marginal" refers to the next incremental unit of emissions. As damages from climate change become more evident, it becomes increasingly useful in formulating public policy (especially in connection with attendant benefit-cost analysis of that policy) to employ an SCC—that is, a numerical, non-zero value for climate damages. This paper examines the process in the U.S. government of specifying an SCC.



March 2015

"The Role of Integrated Assessment Models in Climate Policy: A User's Guide and Assessment"

Discussion Paper

By Gilbert E. Metcalf and James Stock

The authors consider the role of integrated assessment models in estimating the social cost of carbon—an estimation that is important in the formulation of U.S. climate policy.



November 2014

"Facilitating Linkage of Heterogeneous Regional, National, and Sub-National Climate Policies Through a Future International Agreement"

Discussion Paper

By Daniel Bodansky, Seth Hoedl, Gilbert E. Metcalf and Robert N. Stavins, Albert Pratt Professor of Business and Government; Member of the Board; Director, Harvard Project on Climate Agreements

Linkage among emissions-reduction systems can reduce cost and advance equity, enhancing the chances for success of a new 2015 climate agreement.



July 2010

"Linking Policies When Tastes Differ: Global Climate Policy in a Heterogeneous World"

Discussion Paper

By Gilbert E. Metcalf and David Weisbach

If negotiations at COP 17 in Durban fail to produce an agreement on a Kyoto second-commitment period and on a broader climate regime, linking national climate policies would become more salient as a possible de facto international climate regime. Linking cap-and-trade systems is relatively straightforward, but linking disparate policies is harder. Metcalf and Weisbach address the linkage of heterogeneous climate policies.

Events Calendar

We host a busy schedule of events throughout the fall, winter and spring. Past guests include: UN Secretary-General Ban Ki-moon, former Vice President Al Gore, and former Soviet Union President Mikhail Gorbachev.