Toan Phan - climate

The views expressed on this website are mine and do not reflect the position of the Federal Reserve Bank of Richmond or the Federal Reserve System

Formosa Steel Factory in Ha Tinh, Vietnam. Photo by Phan Luong Toan (my brother) on 31 Jan 2019. Video version.

National Climate Assessment 5: the inaugural Economics Chapter
"the most comprehensive federal effort to assess the state of climate science and communicate the impacts of climate change on people, communities, and ecosystems across the United States. For the first time ever, NCA5 includes a chapter on Economics, which highlights economic impacts and opportunities associated with climate action" (White House's announcement)

Selected presentations and keynote lectures

Underwater Assets - Implications for Financial Markets (keynote, general audience)

Rising Seas & Underwater Houses - Implications for Financial Markets [2024 udpated version] (keynote, research audience, recording)

Financial Implications of Physical Climate Risks (research and policymaker audience)

Minicourse (2nd year PhD level)

Climate Macrofinance at the Bank of Japan

Climate seminars and workshops co-organized:

Virtual Seminar on Climate Economics (an ongoing series hosted by the San Francisco Fed)

Climate Economic Miniconference (Aug 2023, Richmond Fed, coorganized with Esteban Rossi-Hansberg)

OFR Climate Implications for Financial Stability conference (Sep 2022, virtual, coorganized with Dasol Kim)

Climate Change Economics (Nov 2020, virtual, Richmond Fed)

Climate Reading Group (virtual, coorganized with Christian Matthes)

Richmond Fed Economic Briefs

Economic and Human Impacts of Hurricanes (Dec 2024)

Hurricane Helene: Exposing Gaps in Flood Risk and Insurance (Nov 2024)

Assessing GSE Mortgage Portfolios’ Exposure to Past and Future Flood Risk (Jul 2024)

How Does Market Competition Affect Banks' Adaptation to Changes in Flood Risks? (Feb 2024)

A New Look at the Effects of Weather Shocks Over Time (Aug 2023)

Historical Redlining and Unequal Environmental Risks (Dec 2022)

Are Some Homebuyers Strategically Transferring Climate Risks to Lenders? (Apr 2022)

Pricing and Mispricing of Climate Risks in U.S. Financial Markets (Dec 2021)

Climate Change and Financial Stability? Recalling Lessons from the Great Recession (Aug 2021)

Podcast

Local Impacts of Global Weather Risks (May 2023)

Richmond Fed podcast on "Why economists care about climate change" (Nov 2022)

Richmond Fed podcast on "Climate change and financial markets" (July 2022)

Discussions

1. Bank of Canada 2024 conference: "Macroeconomic Impact of Climate Change: Global vs. Local Temperature" by Adrien Bilal and Diego Känzig [slides]

2. Banco de Chile 2023 Annual Conference: "The Macroeconomics of Climate Change" by Adrien Bilal and Jim Stock [slides]

3. Bundesbank 2023 Spring Conference: "Welfare Consequences of Sustainable Finance" by Harrison Hong, Neng Wang and Jinqiang Yang [slides]

4. ASSA 2023: "Credit Supply and Green Investments" by Accetturo et al [slides]

5. BOJ-IMES 2022 conference: "Climate Change Mitigation: How Effective is Green Quantitative Easing?" by Abiry, Ferdinandusse, Ludwig, Nerlich [slides]

6. System Climate Meeting 2022: "Climate Change & Geography of U.S. Economic Activity" by Leduc and Wilson [slides]

7. Bank of Italy 2021: “Macro Effects of Carbon Tax to Meet U.S. Paris Agreement Target: Role of Firm Creation and Technology Adoption” by Shapiro and Metcalf [slides]

8. IBEFA summer 2021: “The rising tide lifts some interest rates: climate change, natural disasters, and loan pricing” by Correa, He, Herpfer, Lel [slides]

Selected notes on climate change economics

These are some lecture notes based on some recent development in the research literature that I prepared for myself and other researchers. The usual disclaimer applies. All errors are mine. Comments are welcome! I will continue to update and expand the set of notes.

1. Summary of recent evidence of macro and financial effects of climate change on the U.S.

2. ABCs of DICE and Golosov et al Econometrica 2014 Optimal Fossil Fuel Tax (+extensions)

3. Acemoglu et al American Economic Review 2012 Environment and Directed Technical Change

4. Weitzman's Dismal Theorem

5. Weitzman's Prices vs. Quantities

6. Bansal et al Climate Change Risk

7. [Incomplete] notes on recent papers on housing prices & sea level rise

7. [Very very incomplete] notes on a selected few papers on adaptation

Selected notes prepared by research assistants and students

Natural disasters

Strobl Restat 2011 "The Economic Growth Impact of Hurricanes: Evidence from US Coastal Counties" [Ryan]

Bakkensen Barrage wp 2019 "Climate Shocks, Cyclones, and Economic Growth: Bridging the Micro-Macro Gap" [Ryan]