This article examines the impact of monetary policy (MP) on firms’ stock prices across CO2 emission levels. We provide a theoretical model in which green firms are less sensitive to MP shocks than brown firms, because they are less exposed to transition risk and provide nonpecuniary utility to...

This article examines the impact of monetary policy (MP) on firms across CO2 emissions. We provide a theoretical model in which green firms are less sensitive to MP shocks than brown firms, because they are less exposed to transition risk and provide non-pecuniary utility to investors. We test...

Der Green New Deal fordert eine radikale Umkehr der derzeitigen Weltwirtschaft einschliesslich der Verpflichtung zu Fairness und sozialer Gerechtigkeit. Er hat das Potenzial, eine der größt︢en globalen Kampagnen unserer Zeit zu werden - und er begann in Ann Pettifors Wohnung. Schon im Jahr...

This chapter considers the opportunities and challenges for an effective ‘Green New Deal’ (GND), with a focus on the U.S. and Europe. We begin by reviewing the intellectual history of the GND and consider how the recent shifts in macroeconomic policy following the Covid-19 pandemic might...

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...