Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/322043 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
ECB Working Paper No. 3032
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
We construct a New-Keynesian E-DSGE model with energy disaggregation and financial intermediaries to show how energy-related fiscal and macroprudential policies interact in affecting the euro area macroeconomy and carbon emissions. When a shock to the price of fossil resources propagates through the energy and banking sector, it leads to a surge in inflation while lowering output and carbon emissions, absent policy interventions. By contrast, imposing energy production subsidies reduces both CPI and core inflation and increases aggregate output, while energy consumption subsidies only lower CPI inflation and reduce aggregate output. Carbon subsidies instead produce an intermediate effect. Given that both energy subsidies raise carbon emissions and delay the "green transition," accompanying them with parallel macroprudential policy that taxes dirty energy assets in bank portfolios promotes "green" investment while enabling energy subsidies to effectively mitigate the adverse effects of supply-type shocks, witnessed in recent years in the EA.
Schlagwörter: 
DSGE model
energy sector
energy subsidies
financial frictions
macroprudential policy
JEL: 
E52
E62
H23
Q43
Q58
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-7119-5
Dokumentart: 
Working Paper

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