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Acharya, Viral V.; Berner, Richard; Engle, Robert F.; … - 2023

We explore the design of climate stress tests to assess and manage macro-prudential risks from climate change in the financial sector. We review the climate stress scenarios currently employed by regulators, highlighting the need to (i) consider many transition risks as dynamic policy choices;...

Persistent link: https://www.econbiz.de/10014358374

Measuring Religion from Behavior : Climate Shocks and Religious Adherence in Afghanistan

Dube, Oeindrila; Blumenstock, Joshua Evan; Callen, Michael - 2022

Religious adherence has been hard to study in part because it is hard to measure. We develop a new measure of religious adherence, which is granular in both time and space, using anonymized mobile phone transaction records. After validating the measure with traditional data, we show how it can...

Persistent link: https://www.econbiz.de/10014241308

Cumulative Climate Shocks and Migratory Flows : Evidence from Sub-Saharan Africa

Falco, Salvatore; B. Kis, Anna; Viarengo, Martina - 2022

We re-examine the effects of negative weather anomalies during the growing season on the decision to migrate in rural households in five sub-Saharan African countries. To this end we combine a multi-country household panel dataset with high-resolution gridded precipitation data. We find that...

Persistent link: https://www.econbiz.de/10013300863

Efficient Adaptation to Flood Risk

Hovekamp, Winston; H. Wagner, Katherine R. - 2023

This paper studies whether private adaptation to flood risk is economically efficient. We estimate the return to elevating houses, one of the most significant private defensive investments against flooding, using two decades of microdata on the universe of houses and flood damages in high-risk...

Persistent link: https://www.econbiz.de/10014262032

Carbon Default Swap - Disentangling the Exposure to Carbon Risk Through CDS

Blasberg, Alexander; Kiesel, Ruediger; Taschini, Luca - 2022

Using Credit Default Swap spreads, we construct a forward-looking, market-implied carbon risk factor and show that carbon risk affects firms’ credit spread. The effect is larger for European than North American firms and varies substantially across industries, suggesting the market recognises...

Persistent link: https://www.econbiz.de/10014243102

Productivity Shocks and Aggregate Fluctuations in an Estimated Endogenous Growth Model with Human Capital

Malley, Jim - 2011

Employing an endogenous growth model with human capital, this paper explores how productivity shocks in the goods and human capital producing sectors contribute to explaining aggregate fluctuations in output, consumption, investment and hours. Given the importance of accounting for both the...

Persistent link: https://www.econbiz.de/10013120659

Inequality in the Impact of the Coronavirus Shock : Evidence from Real Time Surveys

Adams-Prassl, Abi - 2020

We present real time survey evidence from the UK, US and Germany showing that the labor market impacts of COVID-19 differ considerably across countries. Employees in Germany, which has a well-established short-time work scheme, are substantially less likely to be affected by the crisis. Within...

Persistent link: https://www.econbiz.de/10012834873

Globalization in the Time of COVID-19

Sforza, Alessandro - 2020

networks. In this paper we incorporate production barriers induced by COVID-19 shock into a Ricardian model with sectoral … shock has a considerable impact on most economies in the world, especially when a share of the labor force is quarantined …. Moreover, we show that global production linkages have a clear role in magnifying the effect of the production shock. Finally …

Persistent link: https://www.econbiz.de/10012837986

Unconventional Monetary Policy Shocks in the Euro Area and the Sovereign-Bank Nexus

Hristov, Nikolay - 2020

We explore the effects of the ECB's unconventional monetary policy on the banks' sovereign debt portfolios. In particular, using panel vector autoregressive (VAR) models we analyze whether banks increased their domestic government bond holdings in response to non-standard monetary policy shocks,...

Persistent link: https://www.econbiz.de/10012838235

The Econometrics of Oil Market VAR Models

Kilian, Lutz - 2020

Oil market VAR models have become the standard tool for understanding the evolution of the real price of oil and its impact in the macro economy. As this literature has expanded at a rapid pace, it has become increasingly difficult for mainstream economists to understand the differences between...

Persistent link: https://www.econbiz.de/10012839764

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