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  Green transition and macroeconomic stabilization

Yanovski, B., Tahri, I., Lessmann, K. (2024): Green transition and macroeconomic stabilization. - Journal of Economic Behavior & Organization, 221, 586-601.
https://doi.org/10.1016/j.jebo.2024.03.022

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 Creators:
Yanovski, Boyan1, Author              
Tahri, Ibrahim1, Author              
Lessmann, Kai1, Author              
Affiliations:
1Potsdam Institute for Climate Impact Research, ou_persistent13              

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 Abstract: This paper looks into the crucial macroeconomic feedback mechanisms emerging from the interplay among the goods market, the labor market, the financial sector, and monetary policy, particularly in the context of transitioning towards a climate-neutral economy. The investment decisions of firms, pivotal in this interaction, can trigger feedback loops with potentially destabilizing effects, underscoring the critical role of investment within the complex interplay of market and sector dynamics in the macroeconomy. Governmental intervention is highlighted as a key factor in steering the green transition while preserving economic stability. A carbon tax on fossil fuel consumption is proposed as a primary tool for facilitating this green transition. Our investigation employs a disequilibrium model of monetary growth, a la Keynes-Metzler-Goodwin (KMG), incorporating a portfolio perspective across three asset markets - money, bonds, and stocks. This framework allows for an in-depth analysis of how a carbon tax influences real production, inflation, and inequality during the transition. Our findings indicate that imposing a carbon tax on production does not markedly disrupt economic stability, as long as the carbon pricing and its growth rate remain within low bounds.

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Language(s): eng - English
 Dates: 2022-12-142024-03-182024-04-122024-05-01
 Publication Status: Finally published
 Pages: 16
 Publishing info: -
 Table of Contents: -
 Rev. Type: Peer
 Identifiers: DOI: 10.1016/j.jebo.2024.03.022
PIKDOMAIN: RD3 - Transformation Pathways
Organisational keyword: RD3 - Transformation Pathways
Organisational keyword: FutureLab - Public Economics and Climate Finance
MDB-ID: No data to archive
OATYPE: Hybrid - DEAL Elsevier
Model / method: Quantitative Methods
Regional keyword: Global
Research topic keyword: Economics
Research topic keyword: Carbon Pricing
 Degree: -

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Title: Journal of Economic Behavior & Organization
Source Genre: Journal, SSCI, Scopus
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Pages: - Volume / Issue: 221 Sequence Number: - Start / End Page: 586 - 601 Identifier: CoNE: https://publications.pik-potsdam.de/cone/journals/resource/1879-1751
Publisher: Elsevier