The E-axes Forum on Climate Change, Macroeconomics, and Finance

The E-axes Forum Research Prize

The E-axes Forum awards an annual prize to recognize outstanding research conducted by young scholars in macroeconomic policies and sustainability.

Topic of the 2024 Prize

Applicants must submit a completed but unpublished paper on:

“Financing Climate Transition and Adaptation"

Climate financing, both for transition and adaptation, is an enormous challenge both domestically and globally. Furthermore, countries and regions require very different types of policies and are subject to different constraints.  How will they adjust?

We welcome all submissions related to financing climate transition and adaptation, but are particularly interested in submissions related to

  • Cross-border spillovers of domestic financial and monetary policies on climate finance.
  • The role of private, public, and international financial institutions in supporting and encouraging net zero energy solutions.
  • How to provide incentives for the private sector to invest in mitigation and adaptation.
  • How to facilitate investment, including cross-border funding, of transition and adaptation investment in countries where they are most needed.
  • The role of central banks in encouraging climate finance both domestically and globally


Prize Award Criteria

The E-axes Forum will assess papers using three selection criteria: i) innovative thinking and scientific merit, ii) implications for policymakers, and iii) relevance to the themes described above.  The prize amount is $5,000 and is intended to support the recipient(s) in their research activities.   The total cash award is the same for both single and co-authored papers.  Should more than one winning paper be selected, the total cash award will be distributed equally between the authors of the prize-winning papers.

Submission deadline: September 15, 2024

Announcement of the winner:  Beginning of December 2024

Eligibility Requirements

The prize is intended to support young researchers in their early career development.  Eligible candidates must either have completed their PhD in 2017 or later; or are completing their PhD in 2024-2025.  Both single and co-authored papers will be considered.  However, all authors of a co-authored paper must comply with the eligibility requirement.

Prize Committee Members

Stephen G. Cecchetti, Brandeis University

Stefano Giglio, Yale University

Galina Hale, University of California, Santa Cruz

Pierre Monnin, Council on Economic Policies

Fernanda Nechio, Federal Reserve Bank of San Francisco

Esteban Rossi-Hansberg, University of Chicago

Johannes Stroebel, New York University


Winner of the 2023 Research Prize on

“Financing The Green Transition”

Sangmin S. Oh

PhD Candidate in Financial Economics at Chicago Booth

Ishita Sen

Assistant Professor of Business Administration, Harvard Business school

Ana-Maria Tenekedjieva

Senior Economist at the Federal Reserve Board of Governors

"Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies"


Homeowners’ insurance, a $15 trillion market by coverage, provides households financial protection from climate losses. Insurance premiums (rates) are subject to significant regulations at a state level in the United States. Using novel data on filings made by insurers to regulators, we propose a metric to quantify the extent of regulation in individual states. We provide evidence of decoupling of insurance rates from their underlying risks and identify regulation as a driving force behind this pattern. Rates are least reflective of risk in states we classify as “high friction”, i.e. states where regulations appear most restrictive. We identify two sources behind the decoupling. First, in high friction states, rates have not adequately adjusted in response to the growth in losses. Second, insurers have cross-subsidized high friction states by raising rates in low friction states. Our results imply that households in low friction states are disproportionately bearing the risks of households in high friction states. More broadly, our findings question whether insurance rates can play a useful role in steering climate adaptation and whether households will have continued access to insurance.

Winner of the 2022 Research Prize on

“Challenges Climate Change Poses for Central Banks”

Filippo Natoli

Senior Economist at the Advanced Economies and International Finance Division Bank of Italy

"The macroeconomic effects of temperature surprise shocks"


The question of how climate change affects the economy through temperatures is high on the economic research agenda, as the identification of exogenous shocks from weather variations is still an open issue. Using daily county-level data since 1970, we construct a series of temperature shocks for the United States that capture the average surprise effect of relatively high and low temperatures experienced in each season, isolating an unanticipated component at business cycle frequency. Temperature surprise shocks in the US have been a balanced mix of heat and cold surprises and reduced in size in recent times. Estimates made with local projections show a negative impact on the US economy via both consumption and investment, while the effect on prices is more muted and varies over time. The Federal Reserve does react by adjusting its economic projections and cutting interest rates, with effects spreading out through the yield curve.

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