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| 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). |
| 条目包含的文件 | 条目无相关文件。 | |||||
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