This paper studies the relationship between monetary policy and CO2 emissions. Our contribution is twofold: (i) we present a stylized dynamic AD-AS model with Global Value Chains (GVC) and carbon emissions to illustrate this relationship, (ii) we estimate the effect of monetary policy on emissions using the GVAR methodology, which explicitly considers the interconnection between regions instead of treating them as isolated economies. We focus on CO2 emissions in four regions: U.S., U.K., Japan and the Eurozone, but we use data from 8 other countries to characterize the international economy. Our results show that a monetary contraction in a country is associated with lower domestic emissions both in the short- and the long-run. Although we do not find evidence of cross-region effects concerning monetary policy, variance decomposition suggests that external factors are relevant to understanding each region's fluctuations in emissions.

本文研究货币政策与二氧化碳排放量之间的关系。我们的贡献是双重的：（i）我们提出了一个具有全球价值链（GVC）和碳排放的程式化动态 AD-AS 模型来说明这种关系，（ii）我们使用 GVAR 方法估计货币政策对排放的影响，该方法明确考虑区域之间的相互联系，而不是将它们视为孤立的经济体。我们关注四个地区的二氧化碳排放量：美国、英国、日本和欧元区，但我们使用其他 8 个国家/地区的数据来表征国际经济。我们的结果表明，无论从短期还是长期来看，一个国家的货币紧缩都与较低的国内排放量有关。尽管我们没有发现货币政策跨区域效应的证据，