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Author(s): Marco Carli | Italian Ministry of Economy and Finance Francesca Diluiso | Bank of England Mathias Hoffmann | Deutsche Bundesbank Keywords: Climate policy , monetary policy , energy prices , output gap JEL Codes: E31 , E52 , Q43 , Q58 This policy brief is based on Deutsche Bundesbank Discussion Paper 24/2026. The views expressed are those of the authors and not necessarily those of the institutions the authors are affiliated with. Aoki, K.
Staff Working Paper No. 1,036 By Barbara Annicchiarico, Marco Carli and Francesca Diluiso We compare the performance of a carbon tax and a cap-and-trade scheme in a dynamic stochastic general equilibrium model that includes an environmental externality and agency problems associated with financial intermediation. Heterogeneous polluting firms purchase capital by combining their resources with loans from banks and are hit by idiosyncratic shocks that can lead them to default.
1. Introduction Global greenhouse gas (GHG) emissions have continuously grown, almost uninterrupted, since the start of the industrial revolution (Friedlingstein et al., 2019; Minx et al. 2021). While countries in the Global North are responsible for building up the majority of GHGs in the atmosphere, some have managed to reach a peak in emissions and sustain long-term reductions (Le Quéré et al., 2019). These countries and their achievements in reducing GHG emissions are the focus of our article.
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