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...Climate scenarios sensitivity analysis to macroeconomic policy assumptions technical document september this was prepared by matthieu darracq paries stephane dees ian hurst and iana liadze european central bank banque de france national institute for economic social research niesr london united kingdom under the auspice of ngfs workstream on scenario design cite as m s i contents acknowledgements executive summary in phase iii main issues options available comparison alternative through selected simulations key features shock implementation fiscal recycling across countries monetary constraints adjusting its stance output inflation trade offs reflected interest rate rules rule other exploring role exchange flexibility appendix setting nigem bibliography were produced partnership with an academic consortium from potsdam impact pik international applied systems iiasa university maryland umd analytics ca work made possible grants bloomberg philanthropies climateworks foundation exercise r...