Arbeitspapier
Effects of Carbon Pricing on Inflation
We study how carbon pricing has affected inflation ex-post, using dynamic panel estimation of New-Keynesian Phillips curves for 35 OECD economies from 1995 to 2020. As carbon pricing we consider prices of emissions trading systems (ETS) and carbon taxes. We find that an increase in prices of ETS by $10 per ton of CO2 equivalents increases energy CPI inflation by 0.8 percentage points (pp), and headline inflation by 0.08pp, but has no significant effects on food and core CPI inflation. We also find that an increase in carbon taxes by $10 per ton of CO2 equivalents increases food CPI inflation by 0.1pp, but has no significant effects on energy CPI inflation, headline and core CPI inflation.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 9563
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Monetary Policy
Central Banks and Their Policies
Energy: Government Policy
Environmental Economics: Government Policy
- Thema
-
climate policies
carbon tax
carbon emission trading system
climate change
inflation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Moessner, Richhild
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2022
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Moessner, Richhild
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2022
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