不惜一切代价拯救地球?中央银行和非常规的绿色政策

IF 0.7 4区经济学 Q3 ECONOMICS

Macroeconomic Dynamics Pub Date : 2023-02-13 DOI:10.1017/s1365100523000032

Alessandro Ferrari, Valerio Nispi Landi

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引用次数: 5

摘要

本文研究了绿色量化宽松的传导机制，绿色量化宽松被定义为一种使央行资产负债表向绿色债券倾斜的政策，即无污染企业发行的债券。我们将DSGE框架与环境模型合并，其中二氧化碳排放增加了大气碳储量，这反过来又降低了全要素生产率。绿色和棕色债券之间的不完全可替代性是绿色量化宽松有效的必要条件。然而，即使在这种假设下，绿色量化宽松对减排的影响也可以忽略不计，在某些情况下接近于零。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Whatever it takes to save the planet? Central banks and unconventional green policy

Abstract We study the transmission mechanism of a Green QE, defined as a policy that tilts the central bank’s balance sheet toward green bonds, that is bonds issued by non-polluting firms. We merge a DSGE framework with an environmental model, in which CO2 emissions increase the stock of atmospheric carbon, which in turn decreases total factor productivity. Imperfect substitutability between green and brown bonds is a necessary condition for the effectiveness of Green QE. However, even under this assumption, the effect of Green QE in reducing emissions is negligible and in some cases close to nil.

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来源期刊

Macroeconomic Dynamics ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： Macroeconomic Dynamics publishes theoretical, empirical or quantitative research of the highest standard. Papers are welcomed from all areas of macroeconomics and from all parts of the world. Major advances in macroeconomics without immediate policy applications will also be accepted, if they show potential for application in the future. Occasional book reviews, announcements, conference proceedings, special issues, interviews, dialogues, and surveys are also published.