| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w28525 |
| 来源ID | Working Paper 28525 |
| Climate Policy, Financial Frictions, and Transition Risk | |
| Stefano Carattini; Garth Heutel; Givi Melkadze | |
| 发表日期 | 2021-03-08 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We study climate and macroprudential policies in an economy with financial frictions. Using a dynamic stochastic general equilibrium model featuring both a pollution market failure and a market failure in the financial sector, we explore transition risk – whether ambitious climate policy can lead to macroeconomic instability. It can, but the risk can be alleviated through macroprudential policies – taxes or subsidies on banks’ assets. Then, we explore efficient climate and macroprudential policy in the long run and over business cycles. The presence of financial frictions affects the steady-state value and dynamic properties of the efficient carbon tax. Macroprudential policy alone, without a carbon tax, is not very effective at addressing the pollution externality. |
| 主题 | Macroeconomics ; Business Cycles ; Financial Economics ; Financial Markets ; Environmental and Resource Economics ; Environment |
| URL | https://www.nber.org/papers/w28525 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/586198 |
| 推荐引用方式 GB/T 7714 | Stefano Carattini,Garth Heutel,Givi Melkadze. Climate Policy, Financial Frictions, and Transition Risk. 2021. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w28525.pdf（546KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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