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Monetary policy under climate change
Oikonomidēs, Geōrgios; Xepapadeas, Anastasios - 2018
We study monetary policy under climate change in order to answer the question of whether monetary policy should take into account the expected impacts of climate change. The setup is a new Keynesian dynamic stochastic general equilibrium model of a closed economy in which a climate module that...
Persistent link: https://www.econbiz.de/10011845259
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The effects of climate change on a small open economy
Oikonomidēs, Geōrgios; Xepapadeas, Anastasios - 2019
We investigate the impact of climate change on the macroeconomic performance of a small open economy. The setup is a new Keynesian dynamic stochastic general equilibrium model of a small open economy without monetary policy independence in which a climate module that interacts with the economy...
Persistent link: https://www.econbiz.de/10011992335
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Climate change mitigation : how effective is green quantitative easing?
Abiry, Raphael; Ferdinandusse, Marien; Ludwig, Alexander; … - 2022
We develop a two sector incomplete markets integrated assessment model to analyse the effectiveness of green quantitative easing (QE) in complementing fiscal policies for climate change mitigation. We model green QE through an outstanding stock of private assets held by a monetary authority and...
Persistent link: https://www.econbiz.de/10013285512
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Exchange rate regime, financial market bubbles and long-term growth in China : lessons from Japan
Schnabl, Gunther - 2016
constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate … cuts and appreciation expectation shocks. For both China and Japan - at different points of time - self-fulfilling runs …, speculative bubbles and post-bubble secular stagnation. To prevent a similar scenario for China capital controls, a tighter …
Persistent link: https://www.econbiz.de/10011475972
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The learning process and technological change in wind power : evidence from China's CDM wind project
Tang, Tian; Popp, David - 2014
since 2002. Using pooled cross-sectional data of 486 registered CDM wind projects in China from 2002 to 2009, we examine the … manufacturers in China's wind power industry. …
Persistent link: https://www.econbiz.de/10010257289
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Monetary policies of large industrialised countries, emerging market credit cycles and feedback effects
Andreas, Hoffmann; Schnabl, Gunther - 2014
This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...
Persistent link: https://www.econbiz.de/10010337620
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Secular stagnation : is immigration part of the solution?
Alves, José; Morgado, Sandro - 2022
In our article we review the secular stagnation hypothesis, firstly postulated by Hansen (1939), to describe the current macroeconomic dynamics faced by developed economies. Based in the existing literature, we elaborate on a workable definition of secular stagnation founded on four pillars:...
Persistent link: https://www.econbiz.de/10012815750
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Achieving sustainable energy security : 2030 outlook for ASEAN, People Republic of China and India
Fan, Ying; Bhattacharyay, Biswanath - 2015
The rapid growth of ASEAN economies, the People's Republic of China and India (called ACI henceforth) - major drivers …
Persistent link: https://www.econbiz.de/10011300352
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Central banking and crisis management from the perspective of Austrian business cycle theory
Schnabl, Gunther - 2016
The paper analyses the evolvement and effects of central bank crisis management since the mid 1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that, given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed,...
Persistent link: https://www.econbiz.de/10011561161
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Adverse effects of ultra-loose monetary policies on investment, growth and income distribution
Hoffmann, Andreas; Schnabl, Gunther - 2016
The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...
Persistent link: https://www.econbiz.de/10011428355