Publications

Green Money Without Inflation

| 7 March 2019
Blog, Monetary | Tags: Environment, European Central Bank, Inflation, Quantitative Easing
To what extent can the money created by the central bank be used to finance investments in the environment? This is a question that is often asked today. The green activists respond with enthusiasm that the central bank, and in particular the European Central Bank ... continue reading

Prudential Regulation Can Help in Tackling Climate Change

, and | 13 February 2019
Blog, Monetary | Tags: Environment, Financial Regulation
Awareness of climate-related financial risks has been growing in the past years. Prudential frameworks however still fall short in reflecting them. Given the possible impacts of climate risks on financial stability, incorporating them into prudential regulation is rapidly moving up agendas both among academics and ... continue reading

Integrating Climate Risks into Credit Risk Assessment: Current Methodologies and the Case of Central Banks Corporate Bond Purchases

| 21 December 2018
Discussion Notes, Monetary | Tags: Climate risk, Credit risk, ECB Corporate Sector Purchase Programme
Climate change, and the transition to a low-carbon economy that can mitigate it, engender significant economic costs. These costs are ultimately borne by households and firms. They affect households’ and firms’ cash flows and wealth, which are key determinants of their credit worthiness. Climate-related costs ... continue reading

The Earned Income Tax Credit: Helping Families at a Surprisingly Low Cost

| 29 November 2018
Blog, Fiscal | Tags: Inequality, Poverty, Tax Expenditures
Amid growing concerns over stagnant rates of intergenerational mobility, little to no wage growth for low-skilled workers, and declining rates of labor force participation, policymakers are interested in approaches to strengthen incentives to work, increase household income for disadvantaged families, and increase children’s economic opportunity. ... continue reading

International Economic Cooperation in Troubled Times: A Call for Strong Action by the G20

, , , , , , , and | 26 November 2018
Blog, Fiscal, Trade | Tags: Employment, G20, Investment, Protectionism, Services Trade, Tax Competition, Tax Expenditures
The leaders of the G20 will meet on 30 November and 1 December in Buenos Aires for their annual summit. They need to acknowledge that the last two years have been characterized by strong headwinds for the world economy. This time, however, it is not ... continue reading