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; (iii) a novel set of climate-specific models to capture the direct and indirect transmission channels of climate risk …
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Well-functioning risk-sharing arrangements are essential for the shock absorbing capacity and resilience of an economy … far from equal across countries, implying that risk sharing remains an important issue. This paper discusses the different … forms and channels of risk sharing and reviews the main arguments in favour and against the development of different forms …
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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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The COVID-19 crisis comes at a complex moment for European climate policy as it pivots from a 40% 2030 emissions reduction target to a European Green Deal that is in better alignment with long-term Paris Agreement goals. Here, the implications of the dramatic fall in economic output associated...
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