Stanislas Jourdan
@stanjourdan.bsky.social
Associate fellow @ New Economics Foundation - Eurozone, central banking, sustainable finance, EU democracy. Former Director @ Positive Money EU
https://stanislasjourdan.fr/en
https://stanislasjourdan.fr/en
Crystal-clear policy implications:
October 27, 2025 at 3:40 PM
Crystal-clear policy implications:
💥🤯Shocking findings from this new IMF working paper: inflation outcomes were similar between inflation targeting and non-inflation targeting countries, despite more aggressive rate hikes by the former.
🔗 Read more: www.imf.org/en/Publicati...
#MonetaryPolicy #Inflation #CentralBanks
🔗 Read more: www.imf.org/en/Publicati...
#MonetaryPolicy #Inflation #CentralBanks
October 27, 2025 at 3:39 PM
💥🤯Shocking findings from this new IMF working paper: inflation outcomes were similar between inflation targeting and non-inflation targeting countries, despite more aggressive rate hikes by the former.
🔗 Read more: www.imf.org/en/Publicati...
#MonetaryPolicy #Inflation #CentralBanks
🔗 Read more: www.imf.org/en/Publicati...
#MonetaryPolicy #Inflation #CentralBanks
Ah, j'avais oublié mais il faut aussi avoir fait + de 500 contributions et être actif depuis + de 6 mois
August 13, 2025 at 8:50 AM
Ah, j'avais oublié mais il faut aussi avoir fait + de 500 contributions et être actif depuis + de 6 mois
Exactly. And of course renewables are also pushing down wholesale electricity prices.
Source: Cevik, S. and Ninomiya, K. (2023) ‘Chasing the sun and catching the wind: Energy transition and electricity prices in Europe’, Journal of Economics and Finance doi.org/10.1007/s121....
Source: Cevik, S. and Ninomiya, K. (2023) ‘Chasing the sun and catching the wind: Energy transition and electricity prices in Europe’, Journal of Economics and Finance doi.org/10.1007/s121....
July 2, 2025 at 10:46 AM
Exactly. And of course renewables are also pushing down wholesale electricity prices.
Source: Cevik, S. and Ninomiya, K. (2023) ‘Chasing the sun and catching the wind: Energy transition and electricity prices in Europe’, Journal of Economics and Finance doi.org/10.1007/s121....
Source: Cevik, S. and Ninomiya, K. (2023) ‘Chasing the sun and catching the wind: Energy transition and electricity prices in Europe’, Journal of Economics and Finance doi.org/10.1007/s121....
Best description of the relevance of the "natural interest rate" in the ECB's strategic framework😂
July 2, 2025 at 10:37 AM
Best description of the relevance of the "natural interest rate" in the ECB's strategic framework😂
Higher rates delay the green transition.😱🤦♂️
“A 25 basis point rise in ECB policy rates was associated with -8% in new installed capacity for offshore wind and -26.5% for solar PV."
"It is evident from our results that policy rate changes are not neutral with respect to energy technologies.”
“A 25 basis point rise in ECB policy rates was associated with -8% in new installed capacity for offshore wind and -26.5% for solar PV."
"It is evident from our results that policy rate changes are not neutral with respect to energy technologies.”
June 20, 2025 at 10:05 AM
Higher rates delay the green transition.😱🤦♂️
“A 25 basis point rise in ECB policy rates was associated with -8% in new installed capacity for offshore wind and -26.5% for solar PV."
"It is evident from our results that policy rate changes are not neutral with respect to energy technologies.”
“A 25 basis point rise in ECB policy rates was associated with -8% in new installed capacity for offshore wind and -26.5% for solar PV."
"It is evident from our results that policy rate changes are not neutral with respect to energy technologies.”
A paper that should keep central bankers awake at night:
"we demonstrate that traditional Taylor rules fail to stabilize inflation in both regimes [of persistent supply shocks]"
Nice job @bde.es🇪🇸 !
repositorio.bde.es/handle/12345...
"we demonstrate that traditional Taylor rules fail to stabilize inflation in both regimes [of persistent supply shocks]"
Nice job @bde.es🇪🇸 !
repositorio.bde.es/handle/12345...
June 17, 2025 at 2:04 PM
A paper that should keep central bankers awake at night:
"we demonstrate that traditional Taylor rules fail to stabilize inflation in both regimes [of persistent supply shocks]"
Nice job @bde.es🇪🇸 !
repositorio.bde.es/handle/12345...
"we demonstrate that traditional Taylor rules fail to stabilize inflation in both regimes [of persistent supply shocks]"
Nice job @bde.es🇪🇸 !
repositorio.bde.es/handle/12345...
Excited to share my latest publication, written with colleagues from the New Economics Foundation (@sebmang.bsky.social and al) exploring why monetary and fiscal policies need to work together to improve inflation management. 🧵👇
#Inflation #MonetaryPolicy #CentralBanks
#Inflation #MonetaryPolicy #CentralBanks
March 24, 2025 at 9:34 AM
Excited to share my latest publication, written with colleagues from the New Economics Foundation (@sebmang.bsky.social and al) exploring why monetary and fiscal policies need to work together to improve inflation management. 🧵👇
#Inflation #MonetaryPolicy #CentralBanks
#Inflation #MonetaryPolicy #CentralBanks
📢 Webinar Alert! 💶
Looking forward to discuss our report on the green interest rate proposal with @carstenbrzeski.bsky.social and @francz.bsky.social 🙂
📌 Register now ⬇️
events.teams.microsoft.com/event/1fa74c...
Looking forward to discuss our report on the green interest rate proposal with @carstenbrzeski.bsky.social and @francz.bsky.social 🙂
📌 Register now ⬇️
events.teams.microsoft.com/event/1fa74c...
February 20, 2025 at 9:38 AM
📢 Webinar Alert! 💶
Looking forward to discuss our report on the green interest rate proposal with @carstenbrzeski.bsky.social and @francz.bsky.social 🙂
📌 Register now ⬇️
events.teams.microsoft.com/event/1fa74c...
Looking forward to discuss our report on the green interest rate proposal with @carstenbrzeski.bsky.social and @francz.bsky.social 🙂
📌 Register now ⬇️
events.teams.microsoft.com/event/1fa74c...
Good point from Joachim Nagel. Let's not over-hype capital markets...
www.bundesbank.de/en/press/spe...
www.bundesbank.de/en/press/spe...
February 18, 2025 at 11:48 AM
Good point from Joachim Nagel. Let's not over-hype capital markets...
www.bundesbank.de/en/press/spe...
www.bundesbank.de/en/press/spe...
"the marginal costs of renewable energy production tend to be lower than those of other fossil-based energy sources. Therefore, renewable energy could put downward pressure on overall energy prices in the medium term"
Interesting ECB letter to MEP 🇪🇸Jonas Fernandez
www.ecb.europa.eu/pub/pdf/othe...
Interesting ECB letter to MEP 🇪🇸Jonas Fernandez
www.ecb.europa.eu/pub/pdf/othe...
February 17, 2025 at 1:49 PM
"the marginal costs of renewable energy production tend to be lower than those of other fossil-based energy sources. Therefore, renewable energy could put downward pressure on overall energy prices in the medium term"
Interesting ECB letter to MEP 🇪🇸Jonas Fernandez
www.ecb.europa.eu/pub/pdf/othe...
Interesting ECB letter to MEP 🇪🇸Jonas Fernandez
www.ecb.europa.eu/pub/pdf/othe...
Anouk Van Brug wants to see the ECB "equally" deal with climate and geopolitical risks. Both are external factors beyond the ECB’s control, yet the ECB should account for them. Sure but climate risks are science-based ; geopolitcal risks are caused by lunatics in Washington & Moscow.
February 11, 2025 at 2:22 PM
Anouk Van Brug wants to see the ECB "equally" deal with climate and geopolitical risks. Both are external factors beyond the ECB’s control, yet the ECB should account for them. Sure but climate risks are science-based ; geopolitcal risks are caused by lunatics in Washington & Moscow.
First, it's interesting to note that this report received the less important majority since 2005*. This seems partly due to the rise of far right groups (who votes systematically against any pro-EU thing), but also as the report failed to draw support from Greens and LEFT.
February 11, 2025 at 2:22 PM
First, it's interesting to note that this report received the less important majority since 2005*. This seems partly due to the rise of far right groups (who votes systematically against any pro-EU thing), but also as the report failed to draw support from Greens and LEFT.
Today the European Parliament adopted its annual report on the European Central Bank, led by Dutch MEP Anouk Van Brug. A few highlights from my side:
@ecb.europa.eu
@ecb.europa.eu
February 11, 2025 at 2:22 PM
Today the European Parliament adopted its annual report on the European Central Bank, led by Dutch MEP Anouk Van Brug. A few highlights from my side:
@ecb.europa.eu
@ecb.europa.eu
Important point from ECB's Piero Cipollone.
It is way better run the economy hot, pushing investment and adapt to the future ; rather than stagnate and freeze the economy into past obsolete model.
www.ecb.europa.eu/press/inter/...
It is way better run the economy hot, pushing investment and adapt to the future ; rather than stagnate and freeze the economy into past obsolete model.
www.ecb.europa.eu/press/inter/...
January 9, 2025 at 8:25 AM
Important point from ECB's Piero Cipollone.
It is way better run the economy hot, pushing investment and adapt to the future ; rather than stagnate and freeze the economy into past obsolete model.
www.ecb.europa.eu/press/inter/...
It is way better run the economy hot, pushing investment and adapt to the future ; rather than stagnate and freeze the economy into past obsolete model.
www.ecb.europa.eu/press/inter/...
👍📑Nice Bundesbank paper:
➡️70% of Germans endorse the ECB’s engagement on climate
➡️Only 17-20% are concerned that the ECB’s climate actions compromise price stability or ECB independence
➡️Bundesbank staff tend to overestimate the impact of green monetary policy on inflation expectations😏
➡️70% of Germans endorse the ECB’s engagement on climate
➡️Only 17-20% are concerned that the ECB’s climate actions compromise price stability or ECB independence
➡️Bundesbank staff tend to overestimate the impact of green monetary policy on inflation expectations😏
December 10, 2024 at 10:54 AM
👍📑Nice Bundesbank paper:
➡️70% of Germans endorse the ECB’s engagement on climate
➡️Only 17-20% are concerned that the ECB’s climate actions compromise price stability or ECB independence
➡️Bundesbank staff tend to overestimate the impact of green monetary policy on inflation expectations😏
➡️70% of Germans endorse the ECB’s engagement on climate
➡️Only 17-20% are concerned that the ECB’s climate actions compromise price stability or ECB independence
➡️Bundesbank staff tend to overestimate the impact of green monetary policy on inflation expectations😏
Having a great day at the European Parliament to present & discuss our latest report on Green TLTROs with MEPs 🤓👍
November 21, 2024 at 3:29 PM
Having a great day at the European Parliament to present & discuss our latest report on Green TLTROs with MEPs 🤓👍
In short, the authors show that a green monetary policy framework offering targeted credit easing for green investments and R&D will provide a more optimal outcome than conventional monetary policy in a world where successful climate policy leads to inflationnary reduction in dirty goods production.
November 13, 2024 at 8:54 AM
In short, the authors show that a green monetary policy framework offering targeted credit easing for green investments and R&D will provide a more optimal outcome than conventional monetary policy in a world where successful climate policy leads to inflationnary reduction in dirty goods production.
📑💥Great new paper by @lucafornaro.bsky.social, Veronica Guerriero and Lucrezia Reichlin:
Key point: "Fiscal and credit policies that subsidize green investments may be key to reconcile low inflation, high economic activity and an effective green transition."
www.bis.org/events/green...
Key point: "Fiscal and credit policies that subsidize green investments may be key to reconcile low inflation, high economic activity and an effective green transition."
www.bis.org/events/green...
November 13, 2024 at 8:54 AM
📑💥Great new paper by @lucafornaro.bsky.social, Veronica Guerriero and Lucrezia Reichlin:
Key point: "Fiscal and credit policies that subsidize green investments may be key to reconcile low inflation, high economic activity and an effective green transition."
www.bis.org/events/green...
Key point: "Fiscal and credit policies that subsidize green investments may be key to reconcile low inflation, high economic activity and an effective green transition."
www.bis.org/events/green...
For once I agree 100% with Belgian central Bank governor Pierre Wunsch:
"The “without prejudice” constraint is not binding : the ECB can give a 100bp subsidy for green credit without jeopardising our primary mandate (one only needs to hike the policy rate to compensate)"
#ECB #MonetaryPolicy
"The “without prejudice” constraint is not binding : the ECB can give a 100bp subsidy for green credit without jeopardising our primary mandate (one only needs to hike the policy rate to compensate)"
#ECB #MonetaryPolicy
October 14, 2024 at 4:01 PM
For once I agree 100% with Belgian central Bank governor Pierre Wunsch:
"The “without prejudice” constraint is not binding : the ECB can give a 100bp subsidy for green credit without jeopardising our primary mandate (one only needs to hike the policy rate to compensate)"
#ECB #MonetaryPolicy
"The “without prejudice” constraint is not binding : the ECB can give a 100bp subsidy for green credit without jeopardising our primary mandate (one only needs to hike the policy rate to compensate)"
#ECB #MonetaryPolicy
Super happy to announce a new report on the green interest rate (Green TLTROs) co-authored with colleagues at Sustainable Finance Lab.
We analyse the feasibility of a green TLTRO using the EU Taxonomy framework and discuss the policy design & calibration.
sustainablefinancelab.nl/en/new-sfl-p...
We analyse the feasibility of a green TLTRO using the EU Taxonomy framework and discuss the policy design & calibration.
sustainablefinancelab.nl/en/new-sfl-p...
October 2, 2024 at 10:03 AM
Super happy to announce a new report on the green interest rate (Green TLTROs) co-authored with colleagues at Sustainable Finance Lab.
We analyse the feasibility of a green TLTRO using the EU Taxonomy framework and discuss the policy design & calibration.
sustainablefinancelab.nl/en/new-sfl-p...
We analyse the feasibility of a green TLTRO using the EU Taxonomy framework and discuss the policy design & calibration.
sustainablefinancelab.nl/en/new-sfl-p...
⚠️Filling the EU investment gap with private money alone would require a reduction of capital cost by... 250 bps (!). Even Draghi does not believe CMU can do that.
Page 283 of the #DraghiReport
Page 283 of the #DraghiReport
September 11, 2024 at 12:11 PM
⚠️Filling the EU investment gap with private money alone would require a reduction of capital cost by... 250 bps (!). Even Draghi does not believe CMU can do that.
Page 283 of the #DraghiReport
Page 283 of the #DraghiReport
Surprisingly or not, the big elephant in the room of Draghi's report is the role of monetary policy. And yet, interest rate policy is not neutral for the energy transition, as discretely acknowledged (page 22, Part B):
September 9, 2024 at 12:56 PM
Surprisingly or not, the big elephant in the room of Draghi's report is the role of monetary policy. And yet, interest rate policy is not neutral for the energy transition, as discretely acknowledged (page 22, Part B):