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An economically stable way out of fossil energies

In: Monetary Policy and Crude Oil

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Abstract

The final chapter summarizes the previously discussed policy approaches and develops a new proposition that merges the advantages but avoids the shortcomings of the former. In the so-called oil price targeting system, monetary policy determines the level of the oil price. Thereby, economic stability and ecological sustainability can be achieved. To prevent spot market imbalances, this monetary policy instrument is combined with fiscal policy. The approach is illustrated by means of the stock-flow consistent model. Potential critical arguments like the feasibility of the oil price targeting system, central bank independence or impacts on inflation are debated.

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  • ., 2017. "An economically stable way out of fossil energies," Chapters, in: Monetary Policy and Crude Oil, chapter 6, pages 223-250, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17697_6
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    File URL: https://www.elgaronline.com/view/9781786437884.00016.xml
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    Cited by:

    1. Sandberg, Eli & Sneum, Daniel Møller & Trømborg, Erik, 2018. "Framework conditions for Nordic district heating - Similarities and differences, and why Norway sticks out," Energy, Elsevier, vol. 149(C), pages 105-119.
    2. Müller, Theresa & Möst, Dominik, 2018. "Demand Response Potential: Available when Needed?," Energy Policy, Elsevier, vol. 115(C), pages 181-198.
    3. Scheller, Fabian & Burkhardt, Robert & Schwarzeit, Robert & McKenna, Russell & Bruckner, Thomas, 2020. "Competition between simultaneous demand-side flexibility options: the case of community electricity storage systems," Applied Energy, Elsevier, vol. 269(C).

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    Keywords

    Economics and Finance; Environment;

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