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
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)
"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 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
Podcast
Local Impacts of Global Weather Risks (May 2023)
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.
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]
Noth Schuwer wp 2018 "Natural Disasters and Bank Stability: Evidence from the U.S. Financial System" [Ryan]
Real estate
Baldauf et al. RFS 2020 "Does Climate Change Affect Real Estate Prices? Only if You Believe In It" [Ryan]
Murfin Spiegel RFS 2020 "Is the Risk of Sea Level Rise Capitalized in Residential Real Estate?" [Julian]
Gigglio et al wp 2019 "Climate Change and Long Run Discount Rates: Evidence from Real Estate" [Ryan]
Rodziewicz et al wp 2020 "Housing Market Impairment from Future Sea-Level Rise Inundation" [Rosemary]
Addoum et al wp 2021 "Climate Change and Commercial Real Estate: Evidence from Hurricane Sandy" [Rosemary]
Financial markets
Econometrics
Stock et al Climatic Change 2006 "Emissions, Concentrations & Temperature: A Time Series Analysis” [MH]
Stock et al PNAS 2011 "Reconciling Anthropogenic Climate Change with Observed Temperature 1998-2008" [MH]
Beliefs
Environmental justice
Environmental accounting
Muhan et al "Growth of Nations Revisited: Global Environmental Accounting from 1998 to 2018" [Rosemary]
Other
Useful links