-.지속가능한 에너지 생산 상태로의 그린전환의 실질/명목상 함의와 전환기간중의 금융정책 반응
-.에너지와 상품분야에서 뉴케인지언모델로 분석결과
-.그린전환은 에너지의 상대가격상승, 상품상대가격/한계생산비/실질임금하락이 요구됨
-.그린전환기간중 금융정책은 에너지가격상승과 핵심인플레에 집중해서 소비자물가의 완만한상승세로 관리해야함
= Greenflation? =
Abstract
What are the real and nominal implications of a green transition to a state with sustainable energy production, and how should monetary policy react during such transition? Using a New-Keynesian model with an energy and a goods sector, we show that a green transition requires the relative price of energy to increase and the relative price of goods, the marginal cost of production, and the real wage to fall. We prove analytically that if energy is not used in production and nominal wages and goods prices are rigid, a flexible energy price and a monetary policy rule that sees through energy-price changes are sufficient for replicating the flex-price economy. If energy is used in production there will be deviations from efficiency but because energy’s share of income is small, these deviations are marginal unless the increase in the carbon tax is aggressive and/or monetary policy ill suited. During the green transition, it is optimal for monetary policy to see through the increasing energy prices and focus on core inflation. The result is a modest increase in CPI.
Keywords: Inflation, green transition, monetary policy, climate change