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.

Keynote lectures

Underwater Assets - Implications for Financial Markets (general audience)

Rising Seas & Underwater Houses - Implications for Financial Markets (research audience, recording)

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)

OFR Climate Implications for Financial Stability conference (a past virtual conference)

Climate Reading Group (a past monthly informal reading group on Climate Economics)

Climate Change Economics (a past virtual conference hosted by the Richmond Fed)

Richmond Fed Economic Briefs

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

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

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

"Historical Redlining and Unequal Environmental Risks" (Dec 2022)

Podcast

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

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

National Climate Assessment 5

Discussions

1. Bundesbank 2023: "Welfare Consequences of Sustainable Finance" by Harrison Hong, Neng Wang and Jinqiang Yang (forthcoming in RFS) [slides]

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

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

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

5. 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]

6. 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]