标题： 排放不可能：平衡环境问题与通货膨胀 显示英文标题

标题： Emission impossible: Balancing Environmental Concerns and Inflation

摘要： 我们提供了一个理论框架，以考察碳定价政策如何影响通货膨胀，并估算实现净零排放目标对商品价格的政策驱动影响。 企业通过调整生产、减排或购买许可来控制排放，这些策略决定了会影响消费者价格指数的减排量。 我们首先研究一个受排放限制的经济体，在监管机构设定的任何动态分配许可下求解市场均衡。 接下来，我们分析了平衡减排和通胀目标的监管者，当同时考虑环境和通胀问题时，确定最优分配。 通过调整偏离这些目标的惩罚措施，我们展示了监管优先事项如何塑造均衡结果。 在合理的模型参数化情况下，即使在高度重视维持可接受水平的通胀或降低减排目标优先级的情况下，排放偏差相关的成本仍超过略微较低通胀带来的任何节省。 减排目标应继续成为政策制定者的首要关注点。 显示英文摘要

摘要： We provide a theoretical framework to examine how carbon pricing policies influence inflation and to estimate the policy-driven impact on goods prices from achieving net-zero emissions. Firms control emissions by adjusting production, abating, or purchasing permits, and these strategies determine emissions reductions that affect the consumer price index. We first examine an emissions-regulated economy, solving the market equilibrium under any dynamic allocation of allowances set by the regulator. Next, we analyze a regulator balancing emission reduction and inflation targets, identifying the optimal allocation when accounting for both environmental and inflationary concerns. By adjusting penalties for deviations from these targets, we demonstrate how regulatory priorities shape equilibrium outcomes. Under reasonable model parameterisation, even when considerable emphasis is placed on maintaining inflation at acceptable levels or grant lower priority to emissions reduction targets, the costs associated with emission deviations still exceed any savings from marginally lower inflation. Emission reduction goals should remain the primary focus for policymakers.