The Effects of Policy Mix on the Pollutant Emissions in the United Kingdom

• Autorzy: Piotr Krajewski , Michał Mackiewicz , Katarzyna Piłat

Warianty tytułu

Wpływ polityki budżetowej i pieniężnej na emisję zanieczyszczeń w Wielkiej Brytanii

• Języki publikacji: EN

Abstrakty

Artykuł ukazuje skutki ekologiczne kombinacji polityki budżetowej i pieniężnej stosowanej do pobudzenia gospodarki w trakcie cykli koniunkturalnych. Jest to ważna kwestia zwłaszcza podczas kryzysu i w okresie pokryzysowym, kiedy rządy i banki centralne szukają nowej kombinacji polityki budżetowej i pieniężnej. Autorzy przeprowadzają analizę empiryczną opartą na dynamicznym modelu stochastycznym równowagi ogólnej uwzględniającym efekty środowiskowe (model E-DSGE), na danych kwartalnych dla Wielkiej Brytanii obejmujących okres od 1975 r. do 2016 r. Wyniki analizy wskazują, że stymulacja pieniężna gospodarki jest bardziej korzystna dla środowiska naturalnego aniżeli ekspansywna polityka fiskalna. Wynika to stąd, że ekspansja fiskalna wypiera na ogół inwestycje prywatne i powoduje przesunięcie produkcji do technik bardziej pracochłonnych, a mniej kapitałochłonnych, co wiąże się ze zwiększoną emisją zanieczyszczeń. Natomiast ekspansja monetarna silnie pobudza akumulację nowego kapitału fizycznego, co oznacza mniejsze zanieczyszczenie środowiska w kraju wysoko rozwiniętym, takim jak Wielka Brytania. (abstrakt oryginalny)

EN

The article demonstrates the ecological consequences of the fiscal-monetary policy mix that is used to boost economy during the business cycles. This is an important issue especially in the crisis and post-crisis periods, when a new balance between the monetary and fiscal policies is sought after by the governments and central banks. The authors perform their analysis with the empirical environmental dynamic stochastic general equilibrium model, using the quarterly data for the United Kingdom of the period 1975-2016. The results indicate that monetary macroeconomic stimulation is significantly more environment-friendly than fiscal expansion. This is mainly because fiscal expansion tends to crowd out private investment and shift the production from capital-intensive towards more labour-intensive techniques, which results in an increased pollution. Monetary expansion, in turn, has a stimulating effect on the accumulation of the new physical capital, which tends to entail less pollution in a highly developed country like the United Kingdom. (original abstract)

Słowa kluczowe

PL

Polityka budżetowa; Polityka pieniężna; Emisja zanieczyszczeń; Sytuacja ekologiczna

EN

Budgetary policy; Monetary policy; Pollution emission; Ecological situation

• Czasopismo: Ekonomista
• Rocznik: 2020
• Numer: nr 4
• Strony: 541-554

Twórcy

autor

Piotr Krajewski

• University of Lodz, Poland

autor

Michał Mackiewicz

• University of Lodz, Poland

autor

Katarzyna Piłat

• University of Lodz, Poland

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