Young Scholars
October 30, 2023

Adelina Barbalau
Assistant Professor of Finance
Alberta School of Business, University of Alberta
Maria Sole Pagliari will present findings from her recent working paper (with Massimo Ferrari) on the cross-country implications of climate-related mitigation policies. From the abstract:
“[W]e set up a two-country, two-sector (brown vs green) DSGE model with negative production externalities stemming from carbon-dioxide emissions. We estimate the model using US and euro area data and we characterize welfare-enhancing equilibria under alternative containment policies. Three main policy implications emerge: i) fiscal policy should focus on reducing emissions by levying taxes on polluting production activities; ii) monetary policy should look through environmental objectives while standing ready to support the economy when the costs of the environmental transition materialize; iii) international cooperation is crucial to obtain a Pareto improvement under the proposed policies. We finally find that the objective of reducing emissions by 50%, which is compatible with the Paris agreement’s goal of limiting global warming to below 2 degrees Celsius with respect to pre-industrial levels, would not be attainable in absence of international cooperation even with the support of monetary policy.”
Young Scholars
Young Scholars
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