Preferencje help
Widoczny [Schowaj] Abstrakt
Liczba wyników
2020 | nr 4 | 541--554
Tytuł artykułu

The Effects of Policy Mix on the Pollutant Emissions in the United Kingdom

Warianty tytułu
Wpływ polityki budżetowej i pieniężnej na emisję zanieczyszczeń w Wielkiej Brytanii
Języki publikacji
Artykuł ukazuje skutki ekologiczne kombinacji polityki budżetowej i pieniężnej stosowanej do pobudzenia gospodarki w trakcie cykli koniunkturalnych. Jest to ważna kwestia zwłaszcza podczas kryzysu i w okresie pokryzysowym, kiedy rządy i banki centralne szukają nowej kombinacji polityki budżetowej i pieniężnej. Autorzy przeprowadzają analizę empiryczną opartą na dynamicznym modelu stochastycznym równowagi ogólnej uwzględniającym efekty środowiskowe (model E-DSGE), na danych kwartalnych dla Wielkiej Brytanii obejmujących okres od 1975 r. do 2016 r. Wyniki analizy wskazują, że stymulacja pieniężna gospodarki jest bardziej korzystna dla środowiska naturalnego aniżeli ekspansywna polityka fiskalna. Wynika to stąd, że ekspansja fiskalna wypiera na ogół inwestycje prywatne i powoduje przesunięcie produkcji do technik bardziej pracochłonnych, a mniej kapitałochłonnych, co wiąże się ze zwiększoną emisją zanieczyszczeń. Natomiast ekspansja monetarna silnie pobudza akumulację nowego kapitału fizycznego, co oznacza mniejsze zanieczyszczenie środowiska w kraju wysoko rozwiniętym, takim jak Wielka Brytania. (abstrakt oryginalny)
The article demonstrates the ecological consequences of the fiscal-monetary policy mix that is used to boost economy during the business cycles. This is an important issue especially in the crisis and post-crisis periods, when a new balance between the monetary and fiscal policies is sought after by the governments and central banks. The authors perform their analysis with the empirical environmental dynamic stochastic general equilibrium model, using the quarterly data for the United Kingdom of the period 1975-2016. The results indicate that monetary macroeconomic stimulation is significantly more environment-friendly than fiscal expansion. This is mainly because fiscal expansion tends to crowd out private investment and shift the production from capital-intensive towards more labour-intensive techniques, which results in an increased pollution. Monetary expansion, in turn, has a stimulating effect on the accumulation of the new physical capital, which tends to entail less pollution in a highly developed country like the United Kingdom. (original abstract)
Opis fizyczny
  • University of Lodz, Poland
  • University of Lodz, Poland
  • University of Lodz, Poland
  • Annichiarico В., Di Dio F. (2015), Environmental policy and macroeconomic dynamics in a new Keynesian model, "Journal of Environmental Economics and Management" 69(C), pp. 1-21, https:doi.Org/10.1016/j.jeem.2014.10.002.
  • Adewuyi A.O. (2016), Effects of public and pnvate expenditures on environmental pollution: A dynamic heterogeneous panel data analysis, "Renewable and Sustainable Energy Reviews" 65(C), pp. 489-506, https://doi.Org/10.1016/j.rser.2016.06.090.
  • An S., Schorfheide F. (2007), Bayesian Analysis of DSGE Models, "Econometric Reviews" 26(2-4), pp. 113-172,
  • Angeloni I., Coenen G., Smets F. (2003), Persistence, the transmission mechanism and robust monetary policy, "Scottish Journal of Political Economy" 50(5), pp. 527-549, https://doi.Org/10.llll/j.0036-9292.2003.05005006.x.
  • Angelopoulos K.; Economides G.; Philippopoulos A. (2013), First-and second-best allocations under economic and environmental uncertainty, "International Tax and Public Finance" 20(3), pp. 360-380.
  • Argentiero A. et al. (2018), Renewable energy sources policies in a Bayesian DSGE model, "Renewable Energy" 120, pp. 60-68, https://doi.Org/10.1016/j.renene.2017.12 057/.
  • Aschauer D. (1988), The Equilibnum Approach to Fiscal Policy. "Journal of Money, Credit and Banking" 20, pp. 41-62. DOI: 10.2307/1992666.
  • Atasoy B.S. (2017), Testing the environmental Kuznets curve hypothesis across the US: evidence from panel mean group estimators, "Renewable and Sustainable Energy Reviews" 77, pp. 731-747. https://doi.Org/10.1016/j.rser.2017.04.050.
  • Atici C. (2009), Carbon emissions in Central and Eastern Europe: environmental Kuznets curve and implications for sustainable development, "Sustainable Development" 17(3), pp. 155-160,
  • Azevedo V.G., Sartori S., Campos L.M.S. (2018), C02 emissions: A quantitative analysis among the BRICS nations, "Renewable and Sustainable Energy Reviews" 81, pp. 107-115, https://doi.Org/10.1016/j.rser.2017.07.027.
  • Balke N.S., Brown S.P. (2018), Oil supply shocks and the U.S. Economy: an estimated DSGE model, "Energy Policy" 116(C), pp. 357-372,
  • Bekhet H.A., Matar A.; Yasmin T. (2017), C02 emissions, energy consumption, economic growth, and financial development in GCC countries: Dynamic simultaneous equation models, "Renewable and Sustainable Energy Reviews" 70, pp. 117-132, https://doi. org/10.1016/j.rser.2016.11.089.
  • Bernauer Т., Koubi V. (2013), Are bigger governments better providers of public goods? Evidence from air pollution, "Public Choice" 156, pp. 593-609, S11127-012-9916-1.
  • Bewley T.F. (1999). Why Wages Don't Fall during a Recession? Harvard University Press, Cambridge, MA.
  • Bils M., Klenow P.J. (2004), Some Evidence on the Importance of Sticky Prices, "Journal of Political Economy" 112(5), pp. 947-985.
  • Brouillette D., Kostyshyna O., Kyui N. (2018), Downward nominal wage rigidity in Canada: Evidence from micro-level data, "Canadian Journal of Economics" 51(3), pp. 968-1002,
  • Buiter W.H. (1977), 'Crowding out' and the effectiveness of fiscal policy, "Journal of Public Economics 7(3), pp. 309-328,
  • Calvo G. (1983), Staggered Prices in a Utility-Maximizing Framework, "Journal of Monetary Economics" 12, pp. 383-398.
  • Cao X., Kostka G., Xu X. (2019), Environmental political business cycles: the case ofPM2.5 air pollution in Chinese prefectures, "Environmental Science & Policy" 93, pp. 92-100, https://doi.Org/10.1016/j.envsci.2018.12.006.
  • Caporale G.M. et al. (2018), Monetary policy rules in emerging countries: Is there an augmented nonlinear Taylor rule?, "Economic Modelling" 72, pp.306-319, https://doi. org/10.1016/j.econmod.2018.02.006.
  • Cavallo A. (2018), Scraped Data and Sticky Prices, "Review of Economics and Statistics" 100(1), pp. 105-119,
  • Christiano L.J., Eichenbaum M.S., Trabandt M. (2018), On DSGE Models, "Journal of Economic Perspectives" 32(3), pp.113-140, https://doi.Org/10.1257/jep.32.3.113.
  • Dhyne E. et al. (2006), Price Changes in the Euro Area and the United States: Some Facts from Individual Consumer Price Data, "Journal of Economic Perspectives" 20(2), pp. 171-192, https://doi.orgl0.1257/jep.20.2.171.
  • Dickens W.T. et al. (2007), How wages change: micro evidence from the International Wage Flexibility Project, "Journal of Economic Perspectives" 21(2), pp. 195-214, https://doi. org/10.1257/jep.21.2.195.
  • Eggertsson G.B. (2011), What Fiscal Policy is Effective at Zero Interest Rates?, in: D. Acemoglu, M. Woodward (eds.), NBER Macroeconomics Annual, University of Chicago Press, Chicago, USA, pp. 59-112.
  • Erceg C.J., Henderson D.W., Levin A.T. (2000), Optimal monetary policy with staggered wage and price contracts, "Journal of Monetary Economics" 46, pp. 281-313, https://
  • Fernandez-Villaverde J. (2010), The econometrics of DSGE models, "International Review of Economics" 1, pp. 3-49, https://doi. org/10.1007/sl3209-009-0014-7.
  • Fuhrer J.C. (2000), Habit Formation in Consumption and its Implications for Monetary Policy, "American Economic Review" 90(3), pp.367-390, aer.90.3.367.
  • Gali J. (2008), Monetary Policy, Inflation and the Business Cycle. An Introduction to the New Keynesian Framework. Princeton University Press, Princeton, N.J.
  • Galinato G.I., Islam A. (2017). The challenge of addressing consumption pollutants with fiscal policy, "Environment and Development Economics" 22(5), pp. 624-647, https://
  • Galinato G.I; Galinato S.P. (2016), The effects of government spending on deforestation due to agricultural land expansion and C02 related emissions, "Ecological Economics" 122, pp. 43-53, https://doi.Org/10.1016/j.ecolecon.2015.10.025.
  • Gill A.R., Viswanathan K.K., Hassan S. (2018), The Environmental Kuznets Curve (EKC) and the environmental problem of the day, "Renewable and Sustainable Energy Reviews" 81, pp. 1636-1642, https://doi.Org/10.1016/j.rser.2017.05.247.
  • Grossman G.M., Krueger A.B. (1993), Environmental impacts of a North American Free Trade Agreement, in: P. Garber (ed.), The US-Mexico Free Trade Agreement, MIT Press, Cambridge, MA, pp.
  • Halkos G.E., Paizanos E.A. (2015), Environmental Macroeconomics: A critical literature review and future empirical research directions, MPRA Paper, no. 67432, https://mpra.
  • Hastings W.K. (1970), Monte Carlo Sampling Methods Using Markov Chains and Their Applications, "Biometrika" 57(1), pp. 97-109, https://doi.Org/10.1093/biomet/57.l.97.
  • Havranek Т., Rusnak M., Sokolova A. (2017), Habit formation in consumption: A metaanalysis, "European Economic Review" 95(C), pp. 142-167, https://doi.Org/10.1016/j. euroecorev.2017.03.009.
  • Heutel G. (2012), How Should Environmental Policy Respond to Business Cycles? Optimal Policy under Persistent Productivity Shocks, "Review of Economic Dynamics" 15(2), pp. 244-264, https://doi.Org/10.1016/
  • Kara E., Sin J. (2018), The Fiscal Multiplier in a Liquidity-Constrained New Keynesian Economy, "The Scandinavian Journal of Economics" 120(1), pp. 93-123, https://doi. org/10.1111/sjoe.l2208.
  • Khan H. et al. (2019), Carbon Emissions and Business Cycles, "Journal of Macroeconomics" 60, pp. 1-19, https://doi.Org/10.1016/j.jmacro.2019.01.005.
  • Kollmann R. (2001), The exchange rate in a dynamic-optimizing business cycle model with nominal rigidities: a quantitative investigation, "Journal of International Economics" 55, pp. 243-262,
  • Krajewski P., Mackiewicz M. (2019), The role of capital and labour in shaping the environmental effects of fiscal stimulus, "Journal of Cleaner Production" 216, pp. 323-332, https://doi.Org/10.1016/j.jclepro.2019.01.190.
  • Linnemann L., Schabert A. (2003), Fiscal Policy in the New Neoclassical Synthesis, "Journal of Money, Credit and Banking" 35(6), pp. 911-929. DOI:10.1353/meb.2003.0045.
  • Liu Q. et al.(2018), Income distribution and environmental quality in China: A spatial econometric perspective, "Journal of Cleaner Production" 205, pp. 14-26, https://doi. org/10.1016/j.jclepro.2018.09.090.
  • Lucas R. (1988), On The Mechanics of Economic Development, "Journal of Monetary Economics", no. 22, pp. 3-42,
  • Metropolis N. et al.; (1953), Equation of State Calculations by Fast Computing Machines, "The Journal of Chemical Physics" 21(6), pp. 1087-1092, 1.1699114.
  • Monacelli. T; Perotti R. (2008), Fiscal Policy, Wealth Effects, and Markups, NBER Working Paper, no. 14584, DOI: 10.3386/wl4584.
  • Niu T. et al. (2018), Environmental tax shocks and carbon emissions: An estimated DSGE model, "Structural Change and Economic Dynamics" 47, pp. 9-17, 1016/j.strueco.2018.06.005
  • Perez-Suarez R., López-Menendez A.J. (2015), Growing green? Forecasting C02 emissions with Environmental Kuznets Curves and Logistic Growth Models, "Environmental Science & Policy" 54, pp. 428-437, https://doi.Org/10.1016/j.envsci.2015.07.015.
  • Ravn M., Schmitt-Grohe S., Uribe M. (2006), Deep Habits, "Review of Economic Studies" 73,195-218, https://doi.Org/10.llll/j.1467-937X.2006.00374.x.
  • Romano A.A. et al. (2017), Renewable investments: The impact of green policies in developing and developed countries, "Renewable and Sustainable Energy Reviews" 68(P1), pp. 738-747, https://doi.Org/10.1016/j.rser.2016.10.024.
  • Skovgaard J. (2017), The Role of Finance Ministries in Environmental Policy Making: The Case of European Union Emissions Trading System reform in Denmark, Germany and the Netherlands, "Environmental Policy and Governance" 27(4), pp. 351-364, https://
  • Smets F., Wouters R. (2003), An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area, "Journal of European Economic Association" 19(1), pp. 1123-1175,
  • Stern D.I. (2017), The environmental Kuznets curve after 25years, "Journal of Bioeconomics" 19(1), pp. 7-28,
  • Taylor J.B. (1993), Discretion versus Policy Rules in Practice, "Carnegie-Rochester Conference Series on Public Policy" 39, pp. 195-214,
  • Van den Bijgaart I. (2018), Too Slow a Change? Deep Habits, Consumption Shifts and Transitory Tax Policy, CESifo Working Paper Series, no. 6958,
  • Woodford M. (2001), The Taylor Rule and Optimal Monetary Policy, "American Economic Review" 91, pp. 232-237, DOI: 10.1257/aer.91.2.232.
  • Woodford M. (2011), Simple Analytics of the Government Expenditure Multiplier, "American Economic Journal: Macroeconomics" 3, pp. 1-35, https://doi.Org/10.1257/mac.3.l.l.
Typ dokumentu
Identyfikator YADDA

Zgłoszenie zostało wysłane

Zgłoszenie zostało wysłane

Musisz być zalogowany aby pisać komentarze.
JavaScript jest wyłączony w Twojej przeglądarce internetowej. Włącz go, a następnie odśwież stronę, aby móc w pełni z niej korzystać.