The aim of this study is to determine how monetary policy interacts with the financial sector specialising in renewable energy, especially since the implementation of Quantitative Easing (QE). Using EU data and the VAR approach incorporating the interest rate, representing monetary policy, an index of renewable energy stock prices, oil prices, technology and the VIX, this paper applies Granger causality, generalised impulse response functions and historical variance decompositions to explain this interaction. To account for the changes in monetary policy such as QE, structural break tests have been used to determine their effects on the variables, as the breaks correspond to the main QE events, the data has been divided into subsamples to reflect the possible differing effects of QE. The results suggest that monetary policy has only a limited effect overall on renewable energy stocks, as the long recent period of alternative monetary policies has been found not to influence renewable energy stock prices. More time-disaggregated analysis undertaken by incorporating structural breaks identifies a significant influence during some time periods depending on the type of monetary policy being conducted.

中文翻译：

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替代货币政策和可再生能源股票回报


本研究的目的是确定货币政策如何与专门从事可再生能源的金融部门相互作用，特别是自量化宽松（QE）实施以来。本文使用欧盟数据和 VAR 方法，将利率（代表货币政策）、可再生能源股票价格指数、石油价格、技术和 VIX 结合起来，应用格兰杰因果关系、广义脉冲响应函数和历史方差分解来解释这种相互作用。为了考虑量化宽松等货币政策的变化，使用了结构性突破测试来确定其对变量的影响，由于突破对应于主要的量化宽松事件，因此数据被分为子样本，以反映量化宽松可能产生的不同影响。量化宽松。结果表明，货币政策对可再生能源股票的总体影响有限，因为最近一段时间的替代货币政策被发现不会影响可再生能源股票价格。通过纳入结构性突破进行的更多按时间分类的分析确定了某些时期内的重大影响，具体取决于所执行的货币政策的类型。