Christofer Schroeder
Economics
- Division
Supply Side, Labour and Surveillance
- Current Position
-
Graduate Programme Participant
- Fields of interest
-
Labour Economics,Financial Economics,Macroeconomics and Monetary Economics
- Education
- 2021
PhD Economics, Stockholm School of Economics
- 2014
MSc Economics, Humboldt University Berlin
- 2012
BA Economics, University of Calgary
- 3 November 2023
- WORKING PAPER SERIES - No. 2862Details
- Abstract
- This paper studies the impact of national carbon taxes on CO2 emissions. To do so, we run local projections on a cross-country panel dataset, matching measures of emissions of carbon dioxide with information on the introduction of carbon taxes and their implied price. Importantly, we consider both measures of territorial emissions — emissions emitted within a country’s borders — and consumption emissions — emissions emitted anywhere in the world to satisfy domestic demand. We find that carbon taxes reduce territorial emissions over time, but have no significant effect on consumption emissions. Our estimates are robust to propensity-score weighting adjustments and are driven by countries which are more open to trade. Carbon taxes also lead to a modest increase in imports, suggesting that international trade may imply a negative carbon externality. Together, our findings highlight the limitations of national carbon taxes in isolation and the importance of international cooperation in reducing global emissions.
- JEL Code
- F18 : International Economics→Trade→Trade and Environment
F64 : International Economics→Economic Impacts of Globalization→Environment
H23 : Public Economics→Taxation, Subsidies, and Revenue→Externalities, Redistributive Effects, Environmental Taxes and Subsidies
Q58 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Government Policy
- 30 March 2023
- ECONOMIC BULLETIN - BOXEconomic Bulletin Issue 2, 2023Details
- Abstract
- This box studies the impact that the Federal Reserve’s tightening of monetary policy has on emerging market economies (EMEs) and analyses the factors shaping those spillovers. We use a local projections empirical framework to examine the ways in which EMEs’ macroeconomic and macro-financial variables respond to US monetary policy shocks identified at high frequency. In line with academic literature, our baseline results show that a surprise tightening of US monetary policy is associated with immediate tightening of EMEs’ financial conditions, after which industrial production and inflation decline, with that effect peaking after around 18 months. We find that heterogeneity across EMEs is shaped by macro-financial vulnerabilities and monetary policy actions at the national level: domestic macro-financial vulnerabilities clearly matter, amplifying EMEs’ sensitivity to US monetary policy shocks, while maintaining a prudent monetary policy stance helps EMEs to mitigate spillovers from US monetary policy.
- JEL Code
- C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies