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A list of all the posts and pages found on the site. For you robots out there is an XML version available for digesting as well.
Pages
About Me
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Posts
Future Blog Post
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Blog Post number 4
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Blog Post number 3
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Blog Post number 2
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Blog Post number 1
Published:
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publications
Contingent convertible bonds and macroeconomic stability in a stock-flow consistent model
Metroeconomica
This paper develops a kaleckian economy in a stock-flow consistent model to assess the effect of contingent convertible bonds in terms of stability through numerical simulations.
Recommended citation: Kremer, Elise and Tinel, Bruno. (2022). "Contingent convertible bonds and macroeconomic stability in a stock-flow consistent model." Metroeconomica. 73( 4), 1112– 1154. https://doi.org/10.1111/meca.12392
Contingent convertible bonds and financial instability in an agent-based model
Work in progress
This paper evaluates the impact of contingent convertible bond activations in an modified version of the JMAB agent-based macroeconomic model (Caiani et al., 2016), by extending it with new financial assets, investor learning behaviors, and a variable opinion component. These additions reveal non-linear effects of activations on macroeconomic aggregates, and show potential for financial contagion.
Energy price shocks in the European Union: macroeconomic impacts, distributional effects and policy responses
Work in progress. Submitted to Energy Economics
This paper relies on an agent-based integrated assessement model to simulate a temporary shock on fossil fuel prices in the European Union. It assesses its impact on functional income distribution, inflation persistence, and macroeconomic aggregates, considering: 1. firms’ capability to sustain profit margins, 2. households’ wage claims, and 3. diverse mitigation transfers and price control policies established by the government.
Macro-financial transition risks during deep mitigation pathways: evidence from a hybrid agent-based integrated assessment model
Work in progress. Submitted to Nature Climate Change
This paper integrates a process-based integrated assessment model into a macroeconomic agent-based model to shed light on the macroeconomic and financial response to deep mitigation trajectories controlled by carbon pricing. Our results reveal that rapid transitions induced by high-growing carbon prices significantly impact unemployment, inflation, and income distribution. Stabilization policies can mitigate economic fluctuations, though not completely in 1.5°C scenarios. Our paper emphasizes the need for coordinating climate and macroeconomic policy during ambitious decarbonization.