气候变化领域集成服务门户(CCPortal): MONETARY POLICY UNDER NATURAL DISASTER SHOCKS

CCPortal

DOI	10.1111/iere.12694
	MONETARY POLICY UNDER NATURAL DISASTER SHOCKS
	Cantelmo, Alessandro; Fatouros, Nikos; Melina, Giovanni; Papageorgiou, Chris
发表日期	2024
ISSN	0020-6598
EISSN	1468-2354
英文摘要	With climate change increasing the frequency and intensity of natural disasters, what should central banks do in response to these catastrophic events? Looking at IMF reports for 34 disaster-years, which occurred in 16 disaster-prone countries from 1999 to 2017, reveals lack of any systematic approach adopted by monetary authorities in response to climate shocks. Using a small-open-economy New-Keynesian model with disaster shocks, we show that consistent with textbook theory, inflation targeting remains the welfare-optimal regime. Therefore, the best strategy for monetary authorities is to resist the impulse of accommodating in response to catastrophic natural disasters, and focus on price stability.
语种	英语
WOS研究方向	Business & Economics
WOS类目	Economics
WOS记录号	WOS:001179991800001
来源期刊	INTERNATIONAL ECONOMIC REVIEW
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/308666
作者单位	European Central Bank; Bank of Italy; International Monetary Fund; International Monetary Fund
推荐引用方式 GB/T 7714	Cantelmo, Alessandro,Fatouros, Nikos,Melina, Giovanni,et al. MONETARY POLICY UNDER NATURAL DISASTER SHOCKS[J],2024.
APA	Cantelmo, Alessandro,Fatouros, Nikos,Melina, Giovanni,&Papageorgiou, Chris.(2024).MONETARY POLICY UNDER NATURAL DISASTER SHOCKS.INTERNATIONAL ECONOMIC REVIEW.
MLA	Cantelmo, Alessandro,et al."MONETARY POLICY UNDER NATURAL DISASTER SHOCKS".INTERNATIONAL ECONOMIC REVIEW (2024).