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Monetary Policy Design with Recurrent Climate Shocks
Mr. Vimal V ThakoorEngin Kara
出版International Monetary Fund, 2023-11-24
主題Business & Economics / InflationBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Money & Monetary PolicyBusiness & Economics / Public FinanceBusiness & Economics / Economics / GeneralBusiness & Economics / Production & Operations ManagementBusiness & Economics / Environmental Economics
ISBN9798400257261
URLhttp://books.google.com.hk/books?id=vWXmEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋As climate change intensifies, the frequency and severity of climate-induced disasters are expected to escalate. We develop a New Keynesian Dynamic Stochastic General Equilibrium model to analyze the impact of these events on monetary policy. Our model conceptualizes these disasters as left-tail productivity shocks with a quantified likelihood, leading to a skewed distribution of outcomes. This creates a significant trade-off for central banks, balancing increased inflation risks against reduced output. Our results suggest modifying the Taylor rule to give equal weight to responses to both inflation and output growth, indicating a gradual approach to climateexacerbated economic fluctuations.