Contributor: Pierre Monnin

Central Banks and the Transition to a Low-Carbon Economy

| 22 March 2018
Discussion Notes, Monetary | Tags: Central Banks, Environment, Macroprudential Regulation, Quantitative Easing
Climate change is a fundamental challenge for our societies. Containing it will require a profound and radical transformation of our economic system, including a substantial reorientation of investments toward low-carbon technologies. The question to what extent central banks can and should contribute to this effort ... continue reading

Monetary Policy, Macroprudential Regulation and Inequality

| 12 April 2017
Discussion Notes, Monetary | Tags: Inequality, Interest Rates, Macroprudential Regulation
The 2008 global financial crisis profoundly changed the role of central banks in the economy. First, central banks engaged in strong expansionary monetary policy, using new unconventional tools to boost economic activity. Second, they were key to containing financial instability, which led them to implement ... continue reading

Inequality Should Matter for Central Banks

and | 16 February 2017
Blog, Monetary | Tags: Central Banks, Inequality, Quantitative Easing
Central bankers have long been discreet about the links between monetary policy and inequality. They justify this reserve by the fact that their mandates do not charge them with addressing inequality and they generally argue that by providing price stability, central banks maintain the existing ... continue reading

Low Interest Rates: An Opportunity for Renewables

| 8 July 2015
Blog, Monetary | Tags: Energy, Interest Rates
Putting the economy on an environmentally sustainable path requires a serious shift into green technologies. Such a shift includes substantial investments in technologies that are based on renewable energy to produce electricity – referred to hereinafter as “green energy technologies”. Interest rates directly and significantly ... continue reading

The Impact of Interest Rates on Electricity Production Costs

| 25 June 2015
Discussion Notes, Monetary | Tags: Energy, Interest Rates
Putting the economy on an environmentally sustainable path requires substantial investments in green energy technologies. Long-term interest rates play a crucial role for energy investments. Against this background, we study the impact of interest rates on the costs of producing electricity with different technologies, using ... continue reading