Optimal Monetary Policy Choices under Carbon Emission Reduction Shocks:Influence Mechanisms and Welfare Effects
To achieve the goals of carbon peaking and carbon neutrality in the short term,it is necessary to adopt strong carbon emission reduction policies,which will inevitably bring external shocks on the existing monetary policy goals.Therefore,monetary policy must take into account the impact of carbon emission reduction policies,incorpo-rate emission reduction targets into the monetary policy framework,and achieve a balance between economic develop-ment and green emission reduction through effective coordination and matching with emission reduction policies.Based on this,this paper constructs an Environmental-dynamic Stochastic General Equilibrium(E-DSGE)Model in line with the reality of China,analyzes the impact of different carbon emission reduction policies on the macro-economy by means of numerical simulation,and further researches on the coordination and cooperation of aggregate monetary poli-cy,structural monetary policy and carbon emission reduction policy,so as to make clear the strategic choices for pro-moting carbon emission reduction.The results of the study show that,firstly,all three carbon emission reduction poli-cies can realize the carbon emission reduction target,but due to the different mechanisms of the policies,the level of social welfare under the three scenarios of carbon trading,levying carbon tax,and limiting the production of enterpris-es decreases in the order of the three scenarios,and all of them are not as good as before the implementation of the poli-cies.Second,only under the carbon trading policy scenario,there exists an optimal combination of aggregate mone-tary policy and carbon emission reduction policy,which simultaneously realizes the balance between economic devel-opment and green emission reduction.Third,the optimal combination of structural monetary policy and carbon emis-sion reduction policy exists under all three carbon emission reduction policies:production restriction,carbon tax and carbon trading.In summary,it can be seen that there exists an optimal combination of aggregate monetary policy,structural monetary policy and carbon emission reduction policy pairing,which is able to reduce external shocks and enhance the level of welfare while taking into account both traditional monetary policy objectives and green emission re-duction objectives.
carbon emission reduction policyaggregate monetary policystructural monetary policylevel of wel-fare
万方数据
维普
