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DTSTART:20250330T010000
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DTSTART:20251026T010000
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DTSTART;TZID=Europe/Helsinki:20251205T121500
DTEND;TZID=Europe/Helsinki:20251205T133000
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UID:18598-1764936900-1764941400@crest.science
SUMMARY:Gauthier VERMANDEL  (Polytechnique) "The New Keynesian Climate Model"
DESCRIPTION:[vc_row][vc_column][vc_column_text]Macro seminar\nTime : 12h15 – 13h30 \nDate : 05th  December 2025 \nSalle 3001 \nGauthier VERMANDEL (Polytechnique) “The New Keynesian Climate Model” \nAbstract: Climate change confronts economies with two inflationary challenges: climateflation\, driven by physical climate impacts\, and greenflation\, arising from mitigation efforts. This paper develops and estimates a nonlinear New Keynesian Climate model that merges the long-term dynamics of Integrated Assessment Models with the business cycle fluctuations captured by DSGE frameworks. This unified framework enables a systematic analysis of how climate change and mitigation policies influence inflation\, output\, and interest rates. We find that nominal rigidities are crucial for determining optimal carbon pricing: neglecting them leads to miscalibrated carbon taxes\, excessive inflation\, and reduced consumption. Simulations also reveal that Paris-aligned mitigation paths generate higher inflation than laissez-faire approaches. Nonetheless\, central banks can counter these inflationary pressures by adapting policy to a rising natural interest rate and accepting short-term GDP losses. These results highlight the need to align monetary frameworks with climate policy goals to ensure macroeconomic stability during the net-zero transition. \n  \nOrganizer : Olivier LOISEL \n
URL:https://crest.science/event/gauthier-vermandel-polytechnique-the-new-keynesian-climate-model/
CATEGORIES:Macroeconomics,Seminars
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