文章基本信息

标题：Monetary policy, neutrality and the environment
本地全文：下载
作者：Joao Ricardo Faria ; Peter McAdam ; Bruno Viscolani 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2021
卷号：2021
语种：English
出版社：European Central Bank
摘要：We study the interaction between monetary and fiscal policies in a Ramsey-Sidrauski model augmented with environmental capital. Equilibrium solutions are studied through the “Green Golden Rule”. Despite the non-separability of money in utility and intertemporally nonseparable preferences, money is environmentally neutral. Policy impacts the environment via the marginal rate of transformation rather than the marginal rate of substitution between consumption and environment. Fiscal policies, lump sum and distortionary, under a balanced budget, are also environmentally non-neutral. Only under a non-balanced budget, when deficits are monetized, is money environmentally non-neutral. In alternative approaches (Cash-inAdvance, Transactions Costs), money is environmentally non-neutral.
关键词：Ramsey-Sidrauski;Green Golden Rule;Environmental Capital;Chichilnisky et al.;Conjecture;Cash in Advance;Transactions Costs;Friedman rule