The E-axes Forum on Climate Change, Macroeconomics, and Finance

Julian di Giovanni

“Is the Green Transition Inflationary?”

Event description

Julian di Giovanni will present findings from his paper (with Marco Del Negro and Keshav Dogra) on “Is the Green Transition Inflationary?”

From the abstract:

We develop a two-sector New Keynesian model to analyze the inflationary effects of climate policies. Climate policies do not force a central bank to tolerate higher inflation, but may generate a tradeoff between the central bank’s objectives for inflation and real activity. The presence and size of this tradeoff depends on how flexible prices are in the “dirty” and “green” sectors relative to the rest of the economy, and on whether climate policies consist of taxes or subsidies.


Anastasia Pappas
Founder, E-axes Forum

Julian di Giovanni

Julian di Giovanni is Head of the Climate Risk Studies Department in the Research Group at the Federal Reserve Bank of New York. His research focuses on international economics and macroeconomics. He is a Research Fellow of the CEPR and is the Co-Director of CEBRA’s International Trade and Macroeconomics program. Previously to working at the NY Fed, di Giovanni was an ICREA Research Professor at the Universitat Pompeu of Fabra, Research Professor at the Barcelona School of Economics, and a Research Associate at the CREI, and before that worked in the Research Department at the International Monetary Fund. He has been a Visiting Assistant Professor at the University of Toronto, and a short-term visitor at several central banks and international institutions. Di Giovanni’s work has appeared in the American Economic Review, Econometrica, Journal of Political Economy, Journal of Finance, Review of Economic Studies, as well as in other top academic journals. He holds a Joint-Honors B.A. in Economics and Finance from McGill University and a PhD in Economics from the University of California, Berkeley.

Paper and slides

Is the Green Transition Inflationary? (Paper)

Is the Green Transition Inflationary? (Slides)



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