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Is monetary policy transmission green?

dc.rights.licenseopenen_US
hal.structure.identifierLaboratoire d'Économie d'Orleans [LEO]
dc.contributor.authorBENCHORA, Inessa
hal.structure.identifierBordeaux Sciences Economiques [BSE]
dc.contributor.authorLEROY, Aurélien
hal.structure.identifierBordeaux Sciences Economiques [BSE]
dc.contributor.authorRAFFESTIN, Louis
dc.date.accessioned2025-02-18T14:37:15Z
dc.date.available2025-02-18T14:37:15Z
dc.date.issued2025-01
dc.identifier.issn0264-9993en_US
dc.identifier.urihttps://oskar-bordeaux.fr/handle/20.500.12278/205005
dc.description.abstractEnThis paper examines whether traditional monetary policy affects firms differently based on their carbon emissions—a previously unexplored driver of monetary policy non-neutrality. We develop a theoretical model predicting that carbon-intensive (”brown”) firms are more sensitive to monetary policy shocks due to investor preferences for ”green” assets. We test this prediction using stock price data from U.S. firms between 2010 and 2019. Our findings confirm that brown firms are more sensitive to monetary policy shocks than green firms. This heightened sensitivity persists even after controlling for financial constraints and intensifies with rising climate awareness among investors. Our results suggest that traditional monetary policy is not carbon-neutral and unintentionally amplifies biases related to carbon emissions, highlighting important considerations for policymakers.
dc.language.isoENen_US
dc.titleIs monetary policy transmission green?
dc.typeArticle de revueen_US
dc.identifier.doi10.1016/j.econmod.2024.106992en_US
dc.subject.halSciences de l'Homme et Société/Economies et financesen_US
bordeaux.journalEconomic Modellingen_US
bordeaux.page106992en_US
bordeaux.volume144en_US
bordeaux.hal.laboratoriesBordeaux Sciences Economiques / Bordeaux School of Economics (BSE) - UMR 6060en_US
bordeaux.institutionUniversité de Bordeauxen_US
bordeaux.institutionCNRSen_US
bordeaux.institutionINRAEen_US
bordeaux.peerReviewedouien_US
bordeaux.inpressnonen_US
bordeaux.import.sourcecrossref
hal.identifierhal-04954776
hal.version1
hal.date.transferred2025-02-18T14:37:17Z
hal.popularnonen_US
hal.audienceInternationaleen_US
hal.exporttrue
workflow.import.sourcecrossref
dc.rights.ccPas de Licence CCen_US
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