纽约联储：绿色转型是通货膨胀吗？（英文版）

We develop a multi-sector New Keynesian model to analyze the inflationary effects of climate policies. Climate policies need not be inflationary, but can generate an inflation-output tradeoff whose size depends on how flexible prices are in the “dirty” and “green” sectors relative to the rest of the economy, and on whether climate policies consist of taxes or subsidies. A quantitative version of the model calibrated to U.S. data on input-output linkages and sectoral heterogeneity in emissions