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Displaying results 1 to 4 of 4.

  1. The price of hesitation
    how the climate crisis threatens price stability and what the ECB must do about it : final report on behalf of Greenpeace Germany
    Author: Dafermos, Yannis; Kriwoluzky, Alexander; Vargas, Mauricio; Volz, Ulrich; Wittich, Jana
    Published: 22. September 2021
    Publisher:  DIW Berlin, Deutsches Institut für Wirtschaftsforschung, Berlin

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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Bundesverfassungsgericht, Bibliothek
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    Online-Ressource
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 317
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783946417644
    Other identifier:
    hdl: 10419/243191
    Series: DIW Berlin: Politikberatung kompakt ; 173
    Subjects: Katastrophe; Klimawandel; Inflation; Preisstabilität; Geldpolitik; Eurozone
    Scope: 1 Online-Ressource (I, 61 Seiten)
  2. The effects of natural disasters on price stability in the euro area
    Author: Beirne, John; Dafermos, Yannis; Kriwoluzky, Alexander; Renzhi, Nuobu; Volz, Ulrich; Wittich, Jana
    Published: 2021
    Publisher:  DIW Berlin, Deutsches Institut für Wirtschaftsforschung, Berlin

    This paper investigates the impact of natural disasters on price stability in the euro area. We estimate panel and country-specific structural vector autoregression (VAR) models by combining estimated damages of disaster events with monthly data for... more

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    This paper investigates the impact of natural disasters on price stability in the euro area. We estimate panel and country-specific structural vector autoregression (VAR) models by combining estimated damages of disaster events with monthly data for the Harmonised Index of Consumer Prices (HICP) for all euro area countries over the period 1996-2021. Besides estimating the effect on overall headline inflation, we examine effects on its 12 main sub-indices and further sub-categories of food price inflation. This allows us to disentangle differences in the direction and strength of price effects across consumption categories. Our results suggest significant positive effects of natural disasters on overall headline inflation, with diverging results at the sub-index level. Positive inflation effects are particularly pronounced for prices of food and beverages, while negative effects prevail for other sub-indices. Our country-specific results suggest heterogenous inflation effects of natural disasters across different countries. A key implication of our findings is that climate change is likely to make it increasingly difficult for the European Central bank to achieve its inflation target.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/248484
    Series: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 1981
    Subjects: Natural disasters; climate; inflation; monetary policy; European CentralBank
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  3. How can green differentiated capital requirements affect climate risks?
    a dynamic macrofinancial analysis
    Author: Dafermos, Yannis; Nikolaidi, Maria
    Published: 2021
    Publisher:  Hans-Böckler-Stiftung, Düsseldorf

    Using an ecological macrofinancial model, we explore the potential impact of the "green supporting factor" (GSF) and the "dirty penalising factor" (DPF) on climate-related financial risks. We identify the transmission channels by which these green... more

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    Using an ecological macrofinancial model, we explore the potential impact of the "green supporting factor" (GSF) and the "dirty penalising factor" (DPF) on climate-related financial risks. We identify the transmission channels by which these green differentiated capital requirements (GDCRs) can affect credit provision and loan spreads, and we analyse these channels within a dynamic framework in which climate and macrofinancial feedback effects play a key role. Our main findings are as follows. First, GDCRs can reduce the pace of global warming and decrease thereby the physical financial risks. This reduction is quantitatively small, but is enhanced when the GSF and the DPF are implemented simultaneously or in combination with green fiscal policies. Second, the DPF reduces banks' credit provision and leverage, making them less fragile. Third, both the DPF and the GSF generate some transition risks: the GSF increases bank leverage because it boosts green credit and the DPF increases loan defaults since it reduces economic activity. These effects are small in quantitative terms and are attenuated when there is a simultaneous implementation of the DPF and the GSF. Fourth, fiscal policies that boost green investment amplify the transition risks of the GSF and reduce the transition risks of the DPF; the combination of green fiscal policy with the DPF is thereby a potentially effective climate policy mix from a financial stability point of view.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/246828
    Series: FMM working paper ; Nr. 63(April, 2021)
    Subjects: stock-flow consistent modelling; climate change; financial stability; green financialregulation
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  4. Fiscal policy and ecological sustainability
    a post-Keynesian perspective
    Author: Dafermos, Yannis; Nikolaidi, Maria
    Published: 2019
    Publisher:  Hans-Böckler-Stiftung, Düsseldorf

    Fiscal policy has a strong role to play in the transition to an ecologically sustainable economy. This paper critically discusses the way that green fiscal policy has been analysed in both conventional and post-Keynesian approaches. It then uses a... more

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    DSP 200
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    Fiscal policy has a strong role to play in the transition to an ecologically sustainable economy. This paper critically discusses the way that green fiscal policy has been analysed in both conventional and post-Keynesian approaches. It then uses a recently developed post-Keynesian ecological macroeconomic model in order to provide a comparative evaluation of three different types of green fiscal policy: carbon taxes, green subsidies and green public investment. We show that (i) carbon taxes reduce global warming but increase financial risks due to their adverse effects on the profitability of firms and credit availability; (ii) green subsidies and green public investment improve ecological efficiency, but their positive environmental impact is partially offset by their macroeconomic rebound effects; and (iii) a green fiscal policy mix derives better outcomes than isolated policies. Directions for future heterodox macroeconomic research on the links between fiscal policy and ecological sustainability are suggested.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/238284
    Series: FMM working paper ; Nr. 52(October, 2019)
    Scope: 1 Online-Ressource (circa 45 Seiten), Illustrationen