欧洲央行-能源危机期间的财政和宏观审慎政策（英）-2025_52页_3mb

Economic analysis primarily explores effective fiscal and macroprudential policy interactions during energy price shocks. Key findings include:

• Energy price increases cause higher inflation and reduce output, while also reducing carbon emissions without policy interventions.
• Energy production subsidies effectively reduce inflation, increase output, and are less impactful on carbon emissions. Energy consumption subsidies have mixed effects.
• Carbon subsidies produce intermediate results.
• Combining energy subsidies with macroprudential taxes on dirty energy assets reduces emissions while still supporting economic output and allowing subsidies to aid inflation control during supply shocks.
• A calibrated model features a disaggregated energy sector and financial intermediaries to capture transmission channels accurately, with results suggesting that policies that support the green transition need careful design to balance climate goals and economic resilience.