绿色转型会导致通货膨胀吗3.pdf

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1、Is the Green Transition Inflationary?Del Negro,di Giovanni,and DograDiscussion by Sewon Hur(FRB Dallas)BOK International ConferenceJune 20250/11IntroductionAre carbon taxes are inflationary?Provides analytical insights using a simple model to show that the answercrucially depends onrelative price st

2、ickiness of energy and non-energy sectorsimportance of energy sectors in the production networkReally nice paper!1/11Main contributionsEmpirically document that dirty sectors are relatively more price-flexible(thisturns out to be an important fact)Using a simple model,provide analytical characteriza

3、tions and intuition abouthow carbon taxes can impact the inflation-output tradeoffQuantify these tradeoffs in a quantitative model with a rich input-outputnetwork.2/11Carbon intensive sectors have higher price flexibilityA couple questions/comments:1.Degree of price stickiness depends also on the ne

4、ed to adjust prices(changes ininput costs,demand)2.Some non-energy sectors have high emissions(agriculture,transportation?)3/11Main insights from simple modelEquilibrium characterized byot=o(yt yt+(1 )(st st)+Etot+1dt=d(yt yt(st st)+Etdt+1st=st1+dt ot(relative price)t=ot+(1 )dt(CPI inflation)CPI inf

5、lation is expenditure-weighed average of dirty and other sector inflationWhy does sectoral inflation depend on relative prices?inflation in one sector increases wages and thus the marginal cost in the othersector4/11Special case:same price stickinessEquations simplify tot=(yt yt)+Ett+1st=(st st)+Ets

6、t+1In this special case,aggregate inflation is only a function of the output gaprelative prices do not depend on monetary policy output gap can be closed,with zero inflation!dirty price increase is exactly offset by other price decreaseThis is not true in general.In the empirically relevant case whe