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Climate change and monetary policy in the euro area

Author

Listed:
  • Drudi, Francesco
  • Moench, Emanuel
  • Holthausen, Cornelia
  • Weber, Pierre-François
  • Ferrucci, Gianluigi
  • Setzer, Ralph
  • Adao, Bernardino
  • Dées, Stéphane
  • Alogoskoufis, Spyros
  • Téllez, Mar Delgado
  • Andersson, Malin
  • Di Nino, Virginia
  • Aubrechtova, Jana
  • Diez-Caballero, Arturo
  • Avgousti, Aris
  • Duarte, Claudia
  • Barbiero, Francesca
  • Estrada, Ángel
  • Boneva, Lena
  • Faccia, Donata
  • Breitenfellner, Andreas
  • Faiella, Ivan
  • Bua, Giovanna
  • Farkas, Mátyás
  • Bun, Maurice
  • Ferrari, Alessandro
  • Caprioli, Francesco
  • Fornari, Fabio
  • Ciccarelli, Matteo
  • Mendoza, Alberto Fuertes
  • Darracq Pariès, Matthieu
  • Garcia-Sanchez, Pablo
  • Giovannini, Alessandro
  • Papadopoulou, Niki
  • Grüning, Patrick
  • Parker, Miles
  • Guarda, Paolo
  • Petroulakis, Filippos
  • Hebbink, Gerbert
  • Piloiu, Anamaria
  • Murphy, Sarah Jane Hlásková
  • Ploj, Gasper
  • Ioannidis, Michael
  • Pointner, Wolfgang
  • Isgro, Lorenzo
  • Popov, Alexander
  • Kapp, Daniel
  • Prammer, Doris
  • Kashama, Mélissa Kasongo
  • Queiroz, Ricardo
  • Lopez-Garcia, Paloma
  • Rachedi, Omar
  • Lozej, Matija
  • Rognone, Lavinia
  • Lydon, Reamonn
  • Röhe, Oke
  • Manninen, Otso
  • Roos, Madelaine
  • Manzanares, Andrés
  • Russo, Simone
  • McInerney, Niall
  • Santabárbara, Daniel
  • Meinerding, Christoph
  • Schotten, Guido
  • Mikkonen, Katri
  • Sotomayor, Beatriz
  • Mistretta, Alessandro
  • Stracca, Livio
  • Mongelli, Francesco Paolo
  • Tamburrini, Fabio
  • Montes-Galdón, Carlos
  • Theofilakou, Anastasia
  • Müller, Georg
  • Tsalaporta, Pinelopi
  • Nerlich, Carolin
  • van den End, Jan Willem
  • Osiewicz, Malgorzata
  • Cruz, Lia Vaz
  • Osorno-Torres, Boris
  • Weth, Mark Andreas
  • Ouvrard, Jean-François
  • Gomez, Gonzalo Yebes
  • Page, Adrian

Abstract

This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first investigates macroeconomic and financial risks stemming from climate change and from policies aimed at climate mitigation and adaptation, as well as the regulatory and fiscal effects of reducing carbon emissions. In this context, it assesses the need to adapt macroeconomic models and the Eurosystem/ECB staff economic projections underlying the monetary policy decisions. It further considers the implications of climate change for the conduct of monetary policy, in particular the implications for the transmission of monetary policy, the natural rate of interest and the correct identification of shocks. Model simulations using the ECB’s New Area-Wide Model (NAWM) illustrate how the interactions of climate change, financial and fiscal fragilities could significantly restrict the ability of monetary policy to respond to standard business cycle fluctuations. The paper concludes with an analysis of a set of potential monetary policy measures to address climate risks, insofar as they are in line with the ECB’s mandate. JEL Classification: E52, E58, Q54

Suggested Citation

  • Drudi, Francesco & Moench, Emanuel & Holthausen, Cornelia & Weber, Pierre-François & Ferrucci, Gianluigi & Setzer, Ralph & Adao, Bernardino & Dées, Stéphane & Alogoskoufis, Spyros & Téllez, Mar Delgad, 2021. "Climate change and monetary policy in the euro area," Occasional Paper Series 271, European Central Bank.
    • Handle: RePEc:ecb:ecbops:2021271
    Note: 220313
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    7. Paola D'Orazio & Jessica Reale & Anh Duy Pham, 2023. "Climate-induced liquidity crises: interbank exposures and macroprudential implications," Chemnitz Economic Papers 059, Department of Economics, Chemnitz University of Technology.
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    9. Senni, Chiara Colesanti & Pagliari, Maria Sole & van 't Klooster, Jens, 2023. "The CO2 content of the TLTRO III scheme and its greening," LSE Research Online Documents on Economics 120562, London School of Economics and Political Science, LSE Library.
    10. Alogoskoufis, Spyros & Dunz, Nepomuk & Emambakhsh, Tina & Hennig, Tristan & Kaijser, Michiel & Kouratzoglou, Charalampos & Muñoz, Manuel A. & Parisi, Laura & Salleo, Carmelo, 2021. "ECB’s economy-wide climate stress test," Occasional Paper Series 281, European Central Bank.
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    12. Breckenfelder, Johannes & Maćkowiak, Bartosz & Marqués-Ibáñez, David & Olovsson, Conny & Popov, Alexander & Porcellacchia, Davide & Schepens, Glenn, 2023. "The climate and the economy," Working Paper Series 2793, European Central Bank.
    13. Lukas Folkens & Petra Schneider, 2022. "Responsible Carbon Resource Management through Input-Oriented Cap and Trade (IOCT)," Sustainability, MDPI, vol. 14(9), pages 1-17, May.
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    More about this item

    Keywords

    climate change; environmental economics; green finance; monetary policy; sustainable growth economics;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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