Assessing the dual mandates of sustainability-linked monetary policy
将可持续性挂钩货币政策（包括利率和抵押品约束）纳入两主体新凯恩斯模型，发现该政策能提升社会福利并促进环境可持续性，但不同政策工具对不同群体福利有差异化影响。
Central banks are now playing their part in promoting environmental sustainability. We incorporate a sustainability-linked monetary policy (SLMP), comprising an interest rate and a collateral constraint responding to carbon emission activity, into a two-agent New Keynesian model featuring direct lending. Our simulations find that shocks from supply and demand sides result in opposing effects on carbon emissions. In either case, the SLMP enhances social welfare and promotes environmental sustainability. We also find distributional effects on the welfare at the social optimum: In the presence of both demand and supply shocks, the entrepreneurs gain when a sustainability-linked interest rate is implemented, whereas the savers gain when a sustainability-linked collateral constraint is implemented.