Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/283402 
Erscheinungsjahr: 
2023
Schriftenreihe/Nr.: 
ECB Working Paper No. 2845
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
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 feasible and optimal to fully stabilize inflation and the welfare-relevant output gap. More realistically, if carbon taxes are initially suboptimal, trade-offs arise between core and climate goals. These trade-offs however are resolved overwhelmingly in favor of price stability, even in scenarios of decades-long transition to optimal carbon taxation. This reflects the untargeted, inefficient nature of (conventional) monetary policy as a climate instrument. In a model extension with financial frictions and central bank purchases of corporate bonds, we show that green tilting of purchases is optimal and accelerates the green transition. However, its effect on CO2 emissions and global temperatures is limited by the small size of eligible bonds' spreads.
Schlagwörter: 
Ramsey optimal monetary policy
climate change externalities
Pigouvian carbon taxes
green QE
JEL: 
E31
E32
Q54
Q58
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-6210-0
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.76 MB





Publikationen in EconStor sind urheberrechtlich geschützt.