This paper studies the effect of monetary policy on environmental quality via the channel of global value chains (GVCs). From a proxy-VAR analysis with U.S. monetary policy surprise as an external instrument, we show that a contractionary monetary policy which escalates domestic credit costs and...

Over several decades, there has been a move towards more integrated and competitive electricity markets, where the wholesale electricity price and dispatch is determined via system-operator auctions. However, the impact of such market reforms on non-market outcomes such as emissions is unclear....