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Climate change has profound effects not only for societies and economies, but also for central banks’ ability to deliver price stability in the future. This paper starts by documenting why climate change matters for monetary policy: it impacts the economic variables relevant to setting the...
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This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal...
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Since the European Central Bank’s (ECB’s) 2003 strategy review, the importance of macro-financial amplification channels for monetary policy has increasingly gained recognition. This paper takes stock of this evolution and discusses the desirability of further incremental enhancements in the...
Persistent link: https://www.econbiz.de/10012650769
This paper summarises the work done by Eurosystem staff in the context of the Strategy Review Seminar on Monetary Policy Instruments. More specifically, it focuses on the efficacy, efficiency and potential side effects of the key monetary policy instruments employed by the European Central Bank...
Persistent link: https://www.econbiz.de/10012650793
The digitalisation workstream report analyses the degree of digital adoption across the euro area and EU countries and … of digital adoption differs across the euro area/EU, implying heterogeneous impacts, with most EU economies currently …. The pandemic has accelerated the use of teleworking: roughly every third job in the euro area/EU is teleworkable, although …
Persistent link: https://www.econbiz.de/10012626753