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Human society must strive to reduce the greenhouse gas emissions in order to control the global climate warming, but the carbon emission reduction behavior will affect the investment and consumption demand. This paper has modified the IS-LM-EE models in the existing literature. Using the new IS-LM-EE models of carbon tax system and of carbon emission cap-and-trade system, the paper analyzes the effect of the carbon emissions cap on the equilibrium output. The research results show that the carbon tax system has less impact on equilibrium output than the carbon cap-and-trade system if other conditions are the same. The carbon emissions cap and the carbon abatement investment will bring out the crowding-out effects and decrease the equilibrium output.

EFFECT OF CARBON EMISSION CAP ON EQUILIBRIUM OUTPUT BASED ON IS-LM-EE MODEL