Although it is generally recognized that the equilibrium real interest rate (ERR) varies over time, most recent work on policy analysis has been carried out under the assumption that this rate is constant. We show how this assumption can affect inferences about the conduct of policy in two...

China’s energy stocks are confronted with significant climate-related challenges. This paper aims to measure the daily climate transition risk in China by assessing the intensity of climate policies. The daily climate physical risk encountered by China’s renewable energy stocks is also...