The Obama Economic Recovery Plan: National and Regional Macroeconomic Effect of Energy and Environmental Policies

摘要

During the congressional debate on the stimulus bill, the America Reinvestment and Recovery Act (Recovery Act), a primary issue was the effectiveness of the spending. Many of the proposed programs were likened to the building of a “bridge to nowhere.” The debate reflected the concern that the spending would have only a short- term stimulus effect. Japan’s “lost decade” of the 1990s was often cited as an example where stimulus spending was unproductive (Fackler). The targeting of energy efficiency improvements in the Recovery Act distinguishes the US stimulus plans from the Japanese investment in roads and bridges that were often not needed. The spending package is designed not only to create short-term jobs, but also to invest in long-term goals such as energy independence, an upgraded infrastructure, and an educated workforce. In this paper, we evaluate the long-term benefits, of the Department of Energy components of the stimulus package using the REMI PI+ model. We model annual economic effects through 2030, and account for economic changes brought about by energy savings and productivity improvements, as well as the ripple effects of direct spending and employment changes.