Energy markets, macroeconomic aggregates and policy trade-offs in the UK: insights for policymakers navigating the renewable transition
英国におけるエネルギー市場、マクロ経済総計、および政策トレードオフ：再生可能エネルギーへの移行を進める政策立案者への洞察 (AI 翻訳)
Tom Woodhead
🤖 gxceed AI 要約
日本語
本論文は3つの実証章から構成され、英国経済に焦点を当てて再生可能エネルギー移行におけるマクロ経済政策の役割を探求する。石油在庫が石油価格ショックの緩衝材として機能するかどうかを分析した最初の章では、緩衝効果は観察されず、再生可能エネルギー発電の非対称的な反応が明らかになった。第2章では、イングランド銀行の債券購入が炭素強度の異なるエネルギー源に与える影響を評価し、気候配慮のない金融政策は低炭素エネルギーを不利にすることを示す。第3章では、同銀行の社債購入スキームの「グリーン化」がインフレコストを増大させることを発見した。全体として、気候政策と経済安定のトレードオフを強調し、政策パラダイムの転換を提唱する。
English
This thesis comprises three empirical chapters examining macroeconomic policy in the UK's renewable energy transition. The first chapter finds that domestic oil stocks do not buffer oil price shocks and reveals asymmetric responses of renewable generation, motivating investment in renewables. The second shows that Bank of England bond purchases without climate considerations bias against low-carbon energy due to carbon-intensive corporate bond markets. The third finds that greening the Corporate Bond Purchase Scheme increased inflationary costs. Overall, it highlights trade-offs between climate and economic objectives, advocating for joint policymaking.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本でもエネルギー安全保障と再生可能エネルギー推進のジレンマが存在する。英国の中央銀行による債券購入の気候影響分析は、日本銀行の金融政策運営における気候変動配慮の必要性を示唆する。また、石油価格ショックに対する再生可能エネルギーの代替機能向上の必要性は、日本のエネルギー政策にも示唆を与える。
In the global GX context
This paper provides empirical evidence on macroeconomic trade-offs in the renewable transition, relevant globally for central banks considering climate-aligned monetary policy. The findings on oil price shock buffering and bond purchasing biases inform ongoing debates about the role of monetary authorities in achieving net-zero goals.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the interaction between monetary policy, energy markets, and renewable transition, useful for further research on green macro-finance.
🏢実務担当者:Central bank policymakers can use findings to assess the climate implications and inflationary costs of bond purchasing programs.
🏛政策担当者:Highlights the need for coordinated fiscal and monetary policy to balance economic stability with climate objectives, directly relevant for energy and finance ministries.
📄 Abstract（原文）
<b>Abstract</b><br><br>This thesis is comprised of three empirical chapters and explores the role of macroeconomic policymaking in the transition to renewable energy, with a focus on the UK economy. The results highlight that fiscal and monetary authorities face significant challenges in balancing economic stability with the renewable transition. The first empirical chapter contributes to the literature through investigating the potential buffering role of domestic oil stocks in the transmission of oil price shocks. Importantly, no such buffering effect is observed. This is reflective of the administrative and operational rigidities inherent to the oil reserve system. In this chapter, asymmetric responses of renewable generation are also uncovered. These responses motivate investment into the renewable energy sector, specifically targeting technologies and infrastructure which enhance integration and improve the function of renewables as substitute to fossil fuels during oil price episodes. The following chapters contribute to the ongoing debate over the role of central banks in the renewable transition. The second empirical chapter assesses the impact of Bank of England bond purchases on sources of domestic energy generation that differ in their carbon intensity. Due to the carbon-intensive makeup of corporate bond markets, bond purchasing policies without climate considerations are biased against the generation of two out of three low-carbon sources of energy. This would suggest a need for climate activism in monetary policy frameworks. Conversely, the third empirical chapter finds that the Bank of England's decision to 'green' the Corporate Bond Purchase Scheme (CBPS) has increased the inflationary cost of bond purchases. Overall, the thesis highlights the economic trade-offs associated with pursuing climate policies, thereby providing insight for policymakers aiming to achieve a stable and environmentally sustainable future. On the whole, this research motivates a paradigm shift in policymaking, whereby due to their symbiotic nature, climate and economic objectives are pursued jointly as opposed to independently.
🔗 Provenance — このレコードを発見したソース
- openalex https://figshare.com/articles/thesis/Energy_markets_macroeconomic_aggregates_and_policy_trade-offs_in_the_UK_insights_for_policymakers_navigating_the_renewable_transition/32686059first seen 2026-07-10 05:00:54 · last seen 2026-07-10 05:28:31
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。