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Persistent link: https://www.econbiz.de/10012971229
We provide new insight on international monetary policy cooperation using a two-country model based on Benigno and Benigno (2006). Assuming symmetry, save for the volatility of (markup) shocks, we show that an incentive feasibility problem exists between the policymakers across national borders:...
Persistent link: https://www.econbiz.de/10012995214
Recently, the world economy is shifting toward green production and making a realeffort to reduce pollution to the planet. There is a strong tendancy that the worldeconomy reduces the usage of polluting resources such as petrol, and increases thedemand for clean resources such as the solar...
Persistent link: https://www.econbiz.de/10013306264
We develop a two-sector New Keynesian model to analyze the inflationary effects of climate policies. Climate policies do not force a central bank to tolerate higher inflation, but may generate a tradeoff between the central bank's objectives for inflation and real activity. The presence and size...
Persistent link: https://www.econbiz.de/10013548986
Persistent link: https://www.econbiz.de/10011756370
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...
Persistent link: https://www.econbiz.de/10012672320
Persistent link: https://www.econbiz.de/10001770705
Is there an optimal monetary/exchange rate system for Latin America? An analysis of the evidence leads us to conclude that "one size does not fit all", but that with the exception of a few countries, more rather than less exchange rate flexibility is desired. However, facing a set of constraints...
Persistent link: https://www.econbiz.de/10013028883
As part of the green transition, the European cap-and-trade scheme for CO2 emissions will be extended to cover consumer durables. We propose a New Keynesian model that features both, "brown" and "green" durable goods and show that if monetary policy follows a business-as-usual approach, the...
Persistent link: https://www.econbiz.de/10015191441
The issue of achieving and sustaining a nation's economicgrowth is an issue that is of concern to many nations of the world,especially the sub-Saharan African (SSA) nations. This was in linewith the United Nations Sustainable Development Goal (SDG) 8 ofEconomic Growth. This study, therefore,...
Persistent link: https://www.econbiz.de/10014566382