We estimate the direct and indirect effects of clean energy investment on carbon emissions using a Spatial Durbin Model fitted to a panel of 73 countries from 2000 to 2018. We find that a 1 percent increase in domestic clean energy investment reduces domestic carbon emissions by approximately...

The Financial Instability Hypothesis associated with Hyman Minsky has profound implications for the conduct of monetary policy in modern capitalist economies. At its core is the proposition that the central bank may contribute to the financial fragility of leveraged firms in its pursuit of...

Minsky’s contention that stability is destabilising has profound implications for the conduct of stabilisation policy. The pursuit of price stability by central banks rests on the assumption that (price-level) stability begets financial stability. However, that hypothesis has been violated in...

Minsky’s contention that stability is destabilising has profound implications for the conduct of stabilisation policy. The pursuit of price stability by central banks rests on the assumption that (price-level) stability begets financial stability. However, that hypothesis has been violated in...