An economically stable way out of fossil energies

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Chapter 6 in Monetary Policy and Crude Oil, 2017, pp 223-250 from Edward Elgar Publishing

Abstract: The final chapter summarizes the previously discussed policy approaches and develops a new proposition that merges the advantages but avoids the shortcomings of the former. In the so-called oil price targeting system, monetary policy determines the level of the oil price. Thereby, economic stability and ecological sustainability can be achieved. To prevent spot market imbalances, this monetary policy instrument is combined with fiscal policy. The approach is illustrated by means of the stock-flow consistent model. Potential critical arguments like the feasibility of the oil price targeting system, central bank independence or impacts on inflation are debated.

Keywords: Economics and Finance; Environment (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (3)

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