Low Carbon Allocation in the Implementation of Monetary Policy
This paper reviews monetary and macroprudential tools, such as targeted green refinancing, that the ECB can use to speed up the green transition while maintaining price stability.
Facilitating the Transition to Net Zero and Institutional Change at the Bank of England
The Bank of England’s new environmental remit has not catalysed the bold change to monetary policy needed to meet net-zero targets, say political economists in this paper.
Using Green Credit Policy to Bring Down Inflation
Green credit policy is “necessary, justified and feasible” in the fight against inflation, and draws on longstanding central bank practices of shielding deflationary sectors from interest hikes, economists say.
Near-Term Macroeconomic Impact of Decarbonisation Policies
The near-term macroeconomic costs of decarbonisation are dwarfed by the costs of inaction and will remain manageable if policies are implemented gradually, according to the IMF.
The Implications of National and International Carbon-Pricing Policies for the South African Reserve Bank
Sarb researchers explore the financial stability implications of carbon pricing schemes and carbon border taxes, and make recommendations to create more robust carbon risk monitoring.
How Green is Our Balance Sheet?
The ECB says climate disclosures show that its investment strategy is “bearing fruit” on decarbonisation, but that ambitious action is needed as monetary policy tightening reduces its opportunities to tilt its portfolio.
Toward a Green Economy
In this paper published by the European Central Bank, economists analyse the efficacy of green quantitative easing and find that it would be most effective for reducing emissions if used aggressively and immediately.
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