Climate Policies, Macroprudential Regulation, and the Welfare Cost of Business Cycles
気候政策、マクロプルーデンス規制、および景気循環の厚生費用 (AI 翻訳)
Barbara Annicchiarico, M. Carli, Francesca Diluiso
🤖 gxceed AI 要約
日本語
本論文は、金融摩擦と汚染外部性を考慮した動的確率的一般均衡モデルを用いて、炭素税と排出量取引制度という代替的な炭素価格政策がマクロ経済動学と景気循環の厚生費用に与える影響を分析する。金融摩擦の下では、排出量取引制度の方が炭素税よりも厚生費用が低くなる傾向があり、その差は信用市場の効率性やマクロプルーデンス規制に依存することを示す。
English
This paper studies how alternative carbon pricing policies (carbon taxes vs. cap-and-trade) affect macroeconomic dynamics and the welfare cost of business cycles in a DSGE model with financial frictions and pollution externalities. It finds that with financial frictions, welfare costs are generally lower under cap-and-trade due to procyclical permit prices dampening financial amplification, and the gap narrows with more efficient credit markets or countercyclical macroprudential regulation.
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
日本では2023年に排出量取引制度の本格導入が検討されており、金融摩擦やマクロプルーデンス政策との相互作用を考慮した本分析は、政策設計に重要な示唆を与える。東京証券取引所のカーボン・クレジット市場や日本銀行の気候変動対応オペレーションとも関連が深い。
In the global GX context
This paper contributes to the global debate on carbon pricing design by incorporating financial frictions and macroprudential regulation—an underexplored intersection. It offers insights for policymakers considering cap-and-trade vs. carbon taxes in economies with developed credit markets, relevant to ISSB, TCFD, and transition finance discussions.
👥 読者別の含意
🔬研究者:Provides a rigorous DSGE framework linking carbon pricing, financial frictions, and macroprudential policy, with clear welfare comparisons.
🏢実務担当者:Highlights how cap-and-trade can reduce procyclicality of carbon costs, useful for corporate risk management and disclosure under TCFD.
🏛政策担当者:Shows that cap-and-trade may be welfare-superior to carbon taxes under financial frictions, with implications for macroprudential regulation design.
📄 Abstract（原文）
We study how alternative carbon pricing policies, namely carbon taxes and cap‐and‐trade schemes, affect macroeconomic dynamics and the welfare cost of business cycles in a dynamic stochastic general equilibrium model with financial frictions (FFs) and pollution externalities. FFs play a critical role in shaping how business cycle shocks propagate across carbon pricing regimes. We find that, with financial frictions, welfare costs are generally lower under cap‐and‐trade schemes than under carbon taxes, as procyclical permit prices dampen financial amplification. The welfare gap between the two policies narrows as credit markets become more efficient or countercyclical macroprudential regulation weakens shock transmission.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.2139/ssrn.4257945first seen 2026-06-09 04:46:41
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