if this message does not display correctly, click here | Table of Contents Francesco De Sinopoli, University of Verona - Department of Economics
Leo Ferraris, Universidad Carlos III de Madrid
Claudia Meroni, University of Milan - Department of Economics, Management and Quantitative Methods (DEMM) Francesca Diluiso, Mercator Research Institute on Global Commons and Climate Change (MCC)
Barbara Annicchiarico, University of Rome, Tor Vergata - Department of Economics and Finance, University of Rome Tor Vergata - Centre for International Studies on Economic Growth (CEIS)
Matthias Kalkuhl, Mercator Research Institute on Global Commons and Climate Change (MCC)
Jan Christoph Minx, Independent Tomás del Barrio Castro, affiliation not provided to SSRN
Gianluca Cubadda, University of Rome Tor Vergata - Department of Economics and Finance
Denise R. Osborn, University of Manchester - School of Social Sciences, University of Tasmania | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Furio Camillo Rosati - Director "Poisson Search" 
CEIS Working Paper No. 499 FRANCESCO DE SINOPOLI, University of Verona - Department of Economics
LEO FERRARIS, Universidad Carlos III de Madrid
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CLAUDIA MERONI, University of Milan - Department of Economics, Management and Quantitative Methods (DEMM)
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This paper presents a model of the jobmarket in which the number of workers and companies is a Poisson random variable, as in Poisson games. The model has undominated equilibria that share some properties with directed search, while preserving some erratic elements typical of random search. "Climate Actions and Stranded Assets: The Role of Financial Regulation and Monetary Policy"
CEIS Working Paper No. 501 FRANCESCA DILUISO, Mercator Research Institute on Global Commons and Climate Change (MCC)
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BARBARA ANNICCHIARICO, University of Rome, Tor Vergata - Department of Economics and Finance, University of Rome Tor Vergata - Centre for International Studies on Economic Growth (CEIS)
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MATTHIAS KALKUHL, Mercator Research Institute on Global Commons and Climate Change (MCC)
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JAN CHRISTOPH MINX, Independent Limiting global warming to well below 2*C may result in the stranding of carbon-sensitive assets. This could pose substantial threats to financial and macroeconomic stability. We use a dynamic stochastic general equilibrium model with financial frictions and climate policy to study the risks a low-carbon transition poses to financial stability and the different instruments central banks could use to manage these risks. We show that, even for very ambitious climate targets, transition risks are limited for a credible, exponentially growing carbon price, although temporary "green paradoxes" phenomena may materialize. Financial regulation encouraging the decarbonization of the banks' balance sheets via tax-subsidy schemes significantly reduces output losses and inflationary pressures but it may enhance financial fragility, making this approach a risky tool. A green credit policy as a response to a financial crisis originated in the fossil sector can potentially provide an effective stimulus without compromising the objective of price stability. Our results suggest that the involvement of central banks in climate actions must be carefully designed in compliance with their mandate to avoid unintended consequences. "On Cointegration for Processes Integrated at Different Frequencies"
CEIS Working Paper No. 502 TOMÁS DEL BARRIO CASTRO, affiliation not provided to SSRN
GIANLUCA CUBADDA, University of Rome Tor Vergata - Department of Economics and Finance
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DENISE R. OSBORN, University of Manchester - School of Social Sciences, University of Tasmania
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This paper explores the possibility of cointegration existing between processes integrated at different frequencies. Using the demodulator operator, we show that such cointegration can exist and explore its form using both complex- and real-valued representations. A straightforward approach to test for the presence of cointegration between processes integrated at different frequencies is proposed, with a Monte Carol study and an application showing that the testing approach works well. | | ^top
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