| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13576 |
| DP13576 Greening monetary policy | |
| Dirk Schoenmaker | |
| 发表日期 | 2019-03-08 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Central banks look at climate related risks at the financial stability side. Should they also take carbon intensity of assets into account at the monetary policy side? After reviewing the central bank mandate, the paper proposes a tilting approach to steer the Eurosystem’s asset and collateral framework towards low carbon assets. We find that a modest tilting approach could reduce carbon emissions in the Eurosystem’s corporate and bank bond portfolio by over 40 per cent. It could also lower the cost of capital of low carbon companies in comparison with high carbon companies by 4 basis points. Our findings suggest that such a low carbon allocation can be done without undue interference with the transmission mechanism of monetary policy. Price stability, the primary objective, is, and should remain, the priority of the Eurosystem. |
| 主题 | Financial Economics ; Monetary Economics and Fluctuations ; Public Economics |
| 关键词 | monetary policy Assets Collateral Carbon emissions Cost of capital |
| URL | https://cepr.org/publications/dp13576 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/542433 |
| 推荐引用方式 GB/T 7714 | Dirk Schoenmaker. DP13576 Greening monetary policy. 2019. |
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