Monica DiLeo

Thanks John!

A framework for central banks navigating political uncertainty in the transition - CETEx This report recommends three principles for coping with the political uncertainty faced by central bankers.

New report out now with @granthamlse.bsky.social CETEx: "A framework for central banks navigating political uncertainty in the transition"

cetex.org/publications...

How do political institutions shape today’s wave of economic interventionism? 🇺🇸 vs 🇪🇺

Find out in our new article just out in @govjournal.bsky.social
onlinelibrary.wiley.com/doi/full/10.... @donatodc.bsky.social

NEW PUBLICATION - The Great Dane @mathiaslarsen.bsky.social Larsen and I review the differing concepts of state-led approaches to the green transition over the past two decades. We attempt to provide some conceptual coherence to the debate. The article is Open Access.

Migrating birds, selective blindness, strategic skepticism, weaponized uncertainty – this paper has it all. Do give it a read, it's excellent work.

Since the start of von der Leyen's second mandate, EU sustainable finance norms face intense dismantling pressures. My new @JEPP article shows this started years ago when the fossil fuel industry “woke up” to the EU Taxonomy. 🧵 #EUTaxonomy #SustainableFinance👇 1/10

Central Bankers as Migrating Birds: How Inflation Shapes the Rhetorical Strategies of Doves and Hawks The Eurosystem is built on a compelling promise: shielded from national politics, ECB Governing Council members would be better positioned to deploy their science-based expertise. Far from embodying ...

🚨 New paper accepted in @JCMS_journal! 🚨

"Central bankers as migrating birds: How inflation shapes the rhetorical strategies of doves and hawks"
With Bart Stellinga and Matthias Thiemann

Paper: doi.org/10.1111/jcms...
Blog: lnkd.in/eNAm9NzA

🚨 Very happy to announce that our paper "Warning words in a warming world: Central bank communication and climate change" has been accepted in the European Economic Review!

Open access here: doi.org/10.1016/j.eu...

With @emacampiglio.bsky.social @davideromelli.bsky.social and Ginevra Scalisi

Climate Policy Is Still Good for Business The green transition will survive cuts to U.S. subsidies.

Is the climate strategy behind the IRA dead after the GOP's massive cuts to its clean energy subsidies?

In my new piece for @foreignaffairs.com, I argue: No!

www.foreignaffairs.com/united-state...

“…he presented his Texas ID, Social Security card and a wallet-sized birth certificate. The agents refused to believe he was a citizen and took him into custody. “I told them we had rights and asked to make a phone call. But they told us, 'You don't have rights to anything'," Galicia told the paper”

Screenshot of the title page of linked article: "Noisy Politics, Quiet Technocrats: Strategic Silence by Central Banks" By Benjamin Braun and Maximilian Düsterhöft

🚨New article🚨 The consensus is that contestation pushed central banks to talk 𝘮𝘰𝘳𝘦 about inequality & climate.

Our theory: At first, CBs seek to ward off politicization by talking 𝘭𝘦𝘴𝘴 about controversial topics.

We tested this 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐬𝐢𝐥𝐞𝐧𝐜𝐞 𝐡𝐲𝐩𝐨𝐭𝐡𝐞𝐬𝐢𝐬.🧵
onlinelibrary.wiley.com/doi/10.1111/...

A less reluctant (green) Atlas? Explaining the People’s Bank of China’s distinctive environmental shift Why did the Chinese central bank embrace environmental policies earlier than Western central banks and with a consistent focus on a wider range of environmental issues and more ambitious promotiona...

Enabled by institutional capacity & aligned political and technocratic priorities, the People’s Bank of China has led on green central banking. It: acted early; addresses broad environmental issues beyond climate; promotes green investment, not just prudential policies.

doi.org/10.1080/1356...

ABSTRACT Popular debates about political barriers to the clean energy transition increasingly acknowledge the mass public’s role, but often summarize its importance with amorphous concepts like ‘political’ or ‘public will.’ This essay clarifies how the public’s beliefs, preferences, and behaviors affect the clean energy transition through three channels: policymaker incentives, electoral selection, and technology adoption and siting. In turn, we consider how energy and climate policy design can influence the mass public’s preferences, emphasizing cost and benefit visibility, public perceptions of distributional effects, and cross-domain policy linkages. Drawing from our framework, we outline priorities for public opinion research on the clean energy transition.

New!

Public opinion foundations of the clean energy transition by
Alexander F. Gazmararian, Matto Mildenberger & Dustin Tingley.

This review article clarifies how public opinion's role in the clean energy transition, & charts priorities for future research.

doi.org/10.1080/0964...

🚨New Publication 🚨 in New Political Economy with the one and only@mathiaslarsen.bsky.social. We propose the term 'Green Financial Planning' to tie together many of the terms in political economy at the moment, and demonstrate that green finance is much more than a few loans/bonds with green names

This Wednesday at QMUL - @aargatsbmatqmul.bsky.social hosts 'Transforming Central Banking in the Ecological Crisis: intersecting perspectives from political economy and accounting'.

Register and share:

www.tickettailor.com/events/queen...

Brilliant (and scary) analysis

Haha, so glad I could provide this for you

15/ @romainsvartzman.bsky.social @manuelamoschella.bsky.social @mattvermeir.bsky.social @nilskupzok.bsky.social @sylvainmaechler.bsky.social @carogarriga.bsky.social @danmertens.bsky.social @stephangruber.bsky.social @greencb.bsky.social

14/ may be of interest to @jdeyris.bsky.social @benbraun.bsky.social @matthiasthiemann.bsky.social @jvtk.bsky.social @steffenmurau.bsky.social @danielagabor.bsky.social @krdgnydn.bsky.social @james7jackson.bsky.social @adamtooze.bsky.social @apsmolenska.bsky.social @johannespetry.bsky.social

13/ We are grateful to central banking special issue editors @amyverdun.bsky.social and Lucia Quaglia and the other contributors @wabateman.bsky.social @nfraccaroli.bsky.social @vincentab.bsky.social (and the rest who are not on Bluesky!)

12/ We build especially on existing work on green finance in China by @mathiaslarsen.bsky.social, @christianelliott.bsky.social, Simon Dikau, Uli Volz, and many others cited in the paper

11/ However, we conclude by pointing out that the PBoC hasn't always been dark green. China remains the world's largest coal consumer, and the PBoC has had to navigate directly the complexity of China’s competing short and long term objectives

10/ Second, technocratic entrepreneurship. At the PBoC, this has taken two main forms:

1. Raising the profile of certain issues over others
2. Shaping the particular ways these topics are addressed

9/ We draw inspiration from Jones and @shaharhameiri.bsky.social to highlight the ways that these political incentives make their way to the PBoC

8/ First, pressures from the wider political context. In China, the PBoC's political incentives come in the form of party-state hierarchy rather than central bank independence. And pollution was a big political problem for China when the PBoC was beginning its work 🏭

7/ We instead highlight how two variables from the lit on Western central banks also are relevant for the PBoC, but manifest in different ways 💡

6/ However, we argue that this can’t explain in a more positive sense why the PBoC became a leader on *this* particular issue; nor the particular timing or focus on wider environmental issues ❌

5/ This goes some of the way in explaining the variation from the PBoC - for example, why the PBoC has always pursued promotional policies ✅

4/ On the one hand, the PBoC has some clear differences in its institutional framework from other leading central banks like the BoE, DNB, and BdF. We build on Gerald Epstein's work to distinguish a neoliberal vs developmental typology of central banking to highlight these

3/ We highlight three distinctive dimensions of green leadership for the PBoC: (1) timing, (2) a wider environmental focus (ie, not only climate), and (3) liberal use of both prudential and promotional policies (borrowing terminology from Baer, @emacampiglio.bsky.social and @jdeyris.bsky.social)