| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP15866 |
| DP15866 The Expectations Channel of Climate Change: Implications for Monetary Policy | |
| Alexander Dietrich; Gernot Müller; Raphael Schoenle | |
| 发表日期 | 2022-01-21 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | We measure expectations about the short-run economic impact of climate change in a representative survey of US consumers. Respondents expect not much of an impact on GDP growth, but perceive a high probability of costly, rare disasters---suggesting they are salient of climate change. Furthermore, expectations vary systematically with socioeconomic characteristics, media consumption, various information treatments and over time. We calibrate a New Keynesian model to key results of the survey and spell out two implications for monetary policy. First, climate-change related disaster expectations lower the natural rate of interest substantially. Second, time-variation in disaster expectations contributes to cyclical fluctuations. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Climate change Disasters Households expectations Survey Media focus monetary policy Natural rate of interest Paradox of communication |
| URL | https://cepr.org/publications/dp15866-0 |
| 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/545877 |
| 推荐引用方式 GB/T 7714 | Alexander Dietrich,Gernot Müller,Raphael Schoenle. DP15866 The Expectations Channel of Climate Change: Implications for Monetary Policy. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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