Monetary Policy, Neutrality, and the Environment
在Ramsey-Sidrauski模型中引入“绿色黄金法则”，研究货币与财政政策在不同偏好假设下是否对环境中性，发现货币在特定条件下中性，而财政政策通常非中性。
Abstract We study the interaction between monetary/fiscal policies in a Ramsey–Sidrauski model augmented with the “Green Golden Rule.” We demonstrate conditions whereby monetary and fiscal policy under different utility and preference assumptions are or are not environmentally neutral. Despite its nonseparability in utility, we demonstrate that money is environmentally neutral. Policy impacts the environment via the marginal rate of transformation rather than the marginal rate of substitution between consumption and environment. Fiscal policies under a balanced budget are environmentally nonneutral. Only under a nonbalanced budget, when deficits are monetized, is money environmentally nonneutral. Under cash‐in‐advance and transactions costs, money is environmentally nonneutral.