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Climate disaster risks : empirics and a multi-phase dynamic model
Mittnik, Stefan; Semmler, Willi; Haider, Alexander - In: Econometrics : open access journal 8 (2020) 3/33, pp. 1-27
sectors via the destruction of capital stocks and jumps in risk premia. These disruptions often entail negative feedback … effects on the macroeconomy. Research on disaster risks has also actively been pursued in the macroeconomic models of climate … change. Our paper uses insights from the former work to study disaster risks in the macroeconomics of climate change and to …
Persistent link: https://www.econbiz.de/10012265443
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Uncertainty and Monetary Policy During Extreme Events
Pellegrino, Giovanni - 2020
How damaging are uncertainty shocks during extreme events such as the great recession and the Covid-19 outbreak? Can monetary policy limit output losses in such situations? We use a nonlinear VAR framework to document the large response of real activity to a financial uncertainty shock during...
Persistent link: https://www.econbiz.de/10012822498
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Inflation expectations and climate concern
Meinerding, Christoph; Poinelli, Andrea; Schüler, Yves - 2022
Using survey data from German households, we find that individuals with lower climate concern tend to have higher inflation expectations up to five years ahead. This correlation is most pronounced among individuals with extremely high inflation expectations. Evaluating candidate explanations, we...
Persistent link: https://www.econbiz.de/10013171786
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Transition risk uncertainty and robust optimal monetary policy
Dück, Alexander; Le, Anh H. - 2023
Climate change has become one of the most prominent concerns globally. In this paper, we study the transition risk of … and output growth during the transition risk. With optimal carbon price designs, it should react even less to inflation …
Persistent link: https://www.econbiz.de/10014299402
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The effects of natural disasters on price stability in the euro area
Beirne, John; Dafermos, Yannis; Kriwoluzky, Alexander; … - 2021
country-specific structural vector autoregression (VAR) models by combining estimated damages of disaster events with monthly …
Persistent link: https://www.econbiz.de/10012671834
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Central bank policies and climate change : where do we stand?
Vollmer, Uwe - In: Credit and capital markets : Kredit und Kapital 55 (2022) 3, pp. 381-411
The article reviews the literature on the relationship between climate change and central bank policies. Central banks conduct monetary policy and are responsible for macroprudential supervision. The article focuses on the consequences of transition and physical risks for financial stability and...
Persistent link: https://www.econbiz.de/10014518593
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Let's Talk About the Weather : The Impact of Climate Change on Central Banks
Batten, Sandra - 2016
for central banks. First, a weather-related natural disaster could trigger financial and macroeconomic instability if it … it helps a wide range of investors better assess their financial risk exposures …
Persistent link: https://www.econbiz.de/10012991574
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Uncertainty and monetary policy during extreme events
Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni - 2020
How damaging are uncertainty shocks during extreme events such as the great recession and the Covid-19 outbreak? Can monetary policy limit output losses in such situations? We use a nonlinear VAR framework to document the large response of real activity to a financial uncertainty shock during...
Persistent link: https://www.econbiz.de/10012288020
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Taking up the climate change challenge: a new perspective on central banking
D'Orazio, Paola; Popoyan, Lilit - 2020
The awareness about climate-related financial risks is gaining momentum both in the policy and academic debates. The role of countries' institutional dimension and central bank governance structures in the adoption of green prudential regulation is, however, overlooked in the current discussion....
Persistent link: https://www.econbiz.de/10012240346
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Climate-conscious monetary policy
Nakov, Anton; Thomas, Carlos - 2023
We study the implications of climate change and the associated mitigation measures for optimal monetary policy in a canonical New Keynesian model with climate externalities. Provided they are set at their socially optimal level, carbon taxes pose no trade-offs for monetary policy: it is both...
Persistent link: https://www.econbiz.de/10014376057