Showing 1 - 10 of 36,728
What is the effect of climate policies on inflation and economic activity? Answering this question is critical for central banks trying to achieve price stability. This paper studies the experience from existing carbon taxes in Canada and Europe, introduced over the last 30 years. Based on two...
Persistent link: https://www.econbiz.de/10012602683
We study the implications of climate change and the associated mitigation measures for optimal monetary policy in a canonical New Keynesian model with climate externalities. Provided they are set at their socially optimal level, carbon taxes pose no trade-offs for monetary policy: it is both...
Persistent link: https://www.econbiz.de/10014376057
the world. The papers examine the evolution of climate-related cases, the scope of such cases and the varying grounds on …
Persistent link: https://www.econbiz.de/10012795452
Recent research in financial economics has shown that rare large disasters have the potential to disrupt financial sectors via the destruction of capital stocks and jumps in risk premia. These disruptions often entail negative feedback effects on the macroeconomy. Research on disaster risks has...
Persistent link: https://www.econbiz.de/10012265443
Persistent link: https://www.econbiz.de/10011516931
The awareness about climate-related financial risks is gaining momentum both in the policy and academic debates. The role of countries' institutional dimension and central bank governance structures in the adoption of green prudential regulation is, however, overlooked in the current discussion....
Persistent link: https://www.econbiz.de/10012240346
, and central banks-related case law, with interdisciplinary insights from network theory, decision theory under uncertainty …
Persistent link: https://www.econbiz.de/10013297415
Climate change has become one of the most prominent concerns globally. In this paper, we study the transition risk of greenhouse gas emission reduction in structural environmental-macroeconomic DSGE models. First, we analyze the uncertainty in model prediction on the effect of unanticipated and...
Persistent link: https://www.econbiz.de/10014299402
In this paper, we discuss how environmental damage and emission reduction policies affect the conduct of monetary policy in a two-sector (clean and dirty) dynamic stochastic general equilibrium model. In particular, we examine the optimal response of the interest rate to changes in sectoral...
Persistent link: https://www.econbiz.de/10014636978
This paper studies the impact of carbon pricing on firms' inflation expectations and discusses the potential implications for what constitutes the core of most central banks' mandate: price stability. Carbon policy shocks are identified from high-frequency changes in carbon futures price around...
Persistent link: https://www.econbiz.de/10014250967