We study the potential effects on the real economy and welfare of four fiscal policy responses to an energy supply shock: energy vouchers to all households, only to lowincome households, or to non-energy goods producers, and subsidies for investments in the energy sector. The analysis relies on...

We establish a two-sector model to simulate the potential effects of green fiscal policies and unconventional green monetary policy on the economy during a recovery or in case of a stimulus policy. We find that instruments such as carbon tax, implicit tax on brown loans, and subsidy for the...

We develop a two-country model with an explicitly microfounded interbank market and sovereign default risk. Calibrated to the core and the periphery of the Euro Area, the model gives rise to a debt-banks-credit loop that substantially amplifies the effects of financial shocks, especially for the...

We study the potential effects on the real economy and welfare of four fiscal policy responses to an energy supply shock: energy vouchers to all households, only to lowincome households, or to non-energy goods producers, and subsidies for investments in the energy sector. The analysis relies on...

We quantify the effects of competitive tax reforms within a two-country monetary union model with endogenous entry and endogenous tradability. As expected, their effects on out-put, consumption, hours worked and the terms of trade are positive. Extensive margins provide additional transmission...

We establish a two-sector model to simulate the potential effects of green fiscalpolicies and unconventional green monetary policy on the economy during a recoveryor in case of a stimulus policy. We find that instruments such as carbon tax, implicittax on brown loans, and subsidy for the...

In this study, we explore the potential effects of green "helicopter" money, which the Central Bank distributes to households. In our experiment, the Central Bank distributes green tickets to households, which are of a one-to-one value to the national currency (euro). The tickets can only be...

Modern economic growth is featured by rapid structural changes. In most of the industrialized countries, rising service sector is accompanied by aging population. While the young generation are more mobile and supply labor to the rising service sector, middle-aged also provide savings/capital to...

Recently, the world economy is shifting toward green production and making a realeffort to reduce pollution to the planet. There is a strong tendancy that the worldeconomy reduces the usage of polluting resources such as petrol, and increases thedemand for clean resources such as the solar...