The Carbon Bubble: climate policy in a fire‐sale model of deleveraging∗
将碳泡沫嵌入含金融加速器的宏观经济模型，发现投资者杠杆化可能引发资产甩卖，导致产出和投资持续下降，而保护投资者资产负债表的宏观政策可缓解影响并提升福利。
Abstract Credible implementation of climate change policy, consistent with the 2 °C limit, requires a large proportion of current fossil‐fuel reserves to remain unused. This issue, named the Carbon Bubble, is usually presented as a required asset write‐off, with implications for investors. We embed the Carbon Bubble in a macroeconomic model exhibiting a financial accelerator: if investors are leveraged, then the Carbon Bubble might precipitate a fire‐sale of assets across the economy, and generate a large and persistent fall in output and investment, impairing the economy's ability to invest in the zero carbon assets it needs to produce output in the post‐climate‐transition world. We find a role for macroeconomic policy protecting investors' balance sheets in mitigating the macroeconomic effects of the Carbon Bubble, and enhancing welfare.