Climate change, financial intermediation, and monetary policy

No e179, Working Papers from Tokyo Center for Economic Research

Abstract: Motivated by recent climate actions of central banks and supervisors, this study aims to explore implications of climate change in an economy with financial intermediaries. For this aim, this study develops an overlapping generations model of the environment and financial intermediation. In that model, reactions of financial intermediaries, the monetary steady state, and optimal monetary policy against climate change are studied. Especially, it is demonstrated that the level of the optimal money growth rate depends on how "green" agents are.

Pages: 25 pages
Date: 2023-03
New Economics Papers: this item is included in nep-ban, nep-cba, nep-dge, nep-env and nep-mon
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