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Grauwe, P. Green money without inflation. Vierteljahrshefte zur Wirtschaftsforschung, 88(2), 51-54. https://doi.org/10.3790/vjh.88.2.51
Grauwe, Paul De "Green money without inflation" Vierteljahrshefte zur Wirtschaftsforschung 88.2, , 51-54. https://doi.org/10.3790/vjh.88.2.51
Grauwe, Paul De: Green money without inflation, in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 88, iss. 2, 51-54, [online] https://doi.org/10.3790/vjh.88.2.51
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Green money without inflation

Grauwe, Paul De

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 88 (2019), Iss. 2 : pp. 51–54

16 Citations (CrossRef)

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Additional Information

Article Details

Publisher Name
Duncker & Humblot GmbH, Duncker & Humblot
DOI
https://doi.org/10.3790/vjh.88.2.51
Language
English
Pages
4
Keywords

Author Details

Paul De Grauwe, London School of Economics, P.C.De-Grauwe@lse.ac.uk

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    Jenseits des Mantras der traditionellen Finanzierung: Bedeutung und Grenzen des konventionellen Ansatzes

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    https://doi.org/10.1007/978-3-031-19625-6_2 [Citations: 0]

  3. Pandemic meltdown and economic recovery – A multi-phase dynamic model, empirics, and policy

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    https://doi.org/10.1016/j.resglo.2022.100106 [Citations: 3]

  5. Handbook of Philosophy of Climate Change

    Central Banks and Climate Justice: The Case for Green Quantitative Easing

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    https://doi.org/10.1007/978-3-030-16960-2_126-1 [Citations: 0]

  6. Sustainable Macroeconomics, Climate Risks and Energy Transitions

    Climate Risks, Sustainable Finance, and Climate Policy

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  7. Les banques centrales au défi de la transition écologique

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    Revue économique, Vol. Vol. 73 (2022), Iss. 2 P.219

    https://doi.org/10.3917/reco.732.0219 [Citations: 1]

  8. Monetary architecture and the Green Transition

    Murau, Steffen | Haas, Armin | Guter-Sandu, Andrei

    Environment and Planning A: Economy and Space, Vol. (2023), Iss.

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  9. Financing our Anthropocene

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  10. Central Banks and Climate Policy: Unpleasant Trade–Offs? A Principal–Agent Approach

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    SSRN Electronic Journal , Vol. (2022), Iss.

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  11. Great Green Transition and Finance

    Kemfert, Claudia | Schäfer, Dorothea | Semmler, Willi

    Intereconomics, Vol. 55 (2020), Iss. 3 P.181

    https://doi.org/10.1007/s10272-020-0896-y [Citations: 23]

  12. Can renewable energy mitigate the impacts of inflation and policy interest on climate change?

    Akan, Taner

    Renewable Energy, Vol. 214 (2023), Iss. P.255

    https://doi.org/10.1016/j.renene.2023.05.023 [Citations: 2]

  13. Financing Our Future

    Beyond the Mantra of Traditional Finance: Significance and Limits of the Conventional Approach

    Brunnhuber, Stefan

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    https://doi.org/10.1007/978-3-030-64826-8_2 [Citations: 0]

  14. De-risking of green investments through a green bond market – Empirics and a dynamic model

    Braga, Joao Paulo | Semmler, Willi | Grass, Dieter

    Journal of Economic Dynamics and Control, Vol. 131 (2021), Iss. P.104201

    https://doi.org/10.1016/j.jedc.2021.104201 [Citations: 25]

  15. Handbook of the Philosophy of Climate Change

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    Ferret Mas, Josep

    2023

    https://doi.org/10.1007/978-3-031-07002-0_126 [Citations: 0]

  16. Distributive Justice, Political Legitimacy, and Independent Central Banks

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    Res Publica, Vol. (2023), Iss.

    https://doi.org/10.1007/s11158-023-09619-x [Citations: 0]

References

  1. Galbraith, J., (2019): Financing the Green New Deal in Europe, Social Europe, February, https://www.socialeurope.eu/financing-the-green-new-deal.  Google Scholar
  2. Gross, M., P. Loungani, and W. Semmler (2019): Unconventional Monetary Policy in a Non-linear Quadratic Model, unpublished, International Monetary Fund and New School of Social Research.  Google Scholar
  3. Jourdan, S., and W. Kalinowski (2019): Aligning Monetary Policy with the EU’s Climate Targets, Veblen Institute for Economic Reforms, Positive Money Europe, April.  Google Scholar
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Abstract

Summary: The ECB has announced that when government and corporate bonds come to maturity in the context of its QE-program, new bonds will be bought in the market so as to keep the money stock (money base) unchanged. This creates a “window of opportunities” for the ECB. It could replace the old bonds with new “environmental bonds”, i. e. bonds that have been issued to finance environmental projects. In doing so, the ECB would not create new money. Given the existential nature of the degradation of the environment, including climate change, the priority should be to use the ECB’s money creation capacity towards the support of environmental investments. This can be done without creating inflation.

Table of Contents

Section Title Page Action Price
Paul de Grauwe: Green money without inflation 51
Summary 51
Zusammenfassung 51
References 54

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