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  1. Climate actions, market beliefs and monetary policy
    Autor*in: Annicchiarico, Barbara; Di Dio, Fabio; Diluiso, Francesca
    Erschienen: [2022]
    Verlag:  CEIS Tor Vergata, [Rom]

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 665
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: CEIS Tor Vergata research paper series ; vol. 20, issue 2 = no. 535 (March 2022)
    Schlagworte: Climate policy; monetary policy; expectations; inflation; market sentiments; business cycle
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  2. Climate actions, market beliefs, and monetary policy
    Autor*in: Annicciarico, Barbara; Di Dio, Fabio; Dilusio, Francesca
    Erschienen: 2022
    Verlag:  European Commission, Ispra

    This paper studies the role of expectations and monetary policy on the economy's response to climate actions. We show that in a stochastic environment and without the standard assumption of perfect rationality of agents, there is more uncertainty... mehr

    Zugang:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 628
    Fernleihe:
    keine Fernleihe

     

    This paper studies the role of expectations and monetary policy on the economy's response to climate actions. We show that in a stochastic environment and without the standard assumption of perfect rationality of agents, there is more uncertainty regarding the path and the economic impact of a climate policy, with a potential threat to the ability of central banks to maintain price stability. Market beliefs and behavioral agents increase the trade-offs inherent to the chosen mitigation tool, with a carbon tax entailing more emissions uncertainty than in a rational expectations model and a cap-and-trade scheme implying a more pronounced pressure on allowances prices and inflation. The impact on price stability is worsened by delays in the implementation of stringent climate policies, by the lack of confidence in the ability of central banks to keep inflation under control, and by the adoption of monetary rules tied to expectations rather than current macroeconomic conditions. Central banks can implement successful stabilization policies that reduce the uncertainty surrounding the impact of climate actions and support the greening process while staying within their mandate.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/283076
    Schriftenreihe: JRC working papers in economics and finance ; 2022, 14
    Schlagworte: Monetary policy; climate policy; expectations; inflation; market sentiments; business cycle
    Umfang: 1 Online-Ressource (circa 50 Seiten), Illustrationen