Publications

Digests

Green Investments and Rising Interest Rates

Jens van't Klooster (University of Amsterdam) and Eric Monnet (Paris School of Economics and CEPR) look at how tight monetary policy impacts low-carbon investments. Most importantly, they suggest green credit policy instruments, central banks can use, that will enable them to address inflationary pressures without jeopardizing the long-term decarbonization of the economy.

September 1, 2023
Jens van't Klooster (University of Amsterdam) Eric Monnet (Paris School of Economics)

Central Bank Policies, Featured

Digests

Pricing climate-related risks into sovereign bonds

Understanding the linkages between climate vulnerability and sovereign debt risk is pivotal for countries that want to step up their climate mitigation strategies. Bhavya Gupta (National University of Singapore) and Ramkishen S. Rajan (National University of Singapore) have curated the most recent theoretical and empirical literature on the effects of climate on sovereign debt risk.

July 7, 2023
Bhavya Gupta and Ramkishen S. Rajan- National University of Singapore

Climate

Policy Briefs

Climate Policies and Protectionism

In this brief, we ask whether the implementation of national climate policies may spur a global race to protectionism. Consumer or production subsidies and border carbon adjustments may have positive mitigation effects but can also generate trade distortions and give national industries a competitive advantage against foreign firms.

June 16, 2023
Nicolò Florenzio - E-axes Forum

Climate, Trade

Digests

Greenflation and implications for monetary policy

The recent experience with surging inflation, partly driven by supply shocks to the energy sector, has ampiflied concerns over "greenflation," inflationary pressures resulting from the transition to sustainable energy sources. For this digest Conny Olovsson (ECB and Sveriges Riksbank) and David Vestin (Sveriges Riksbank) have curated the most recent literature on the theoretical and empirical findings on how greenflation arises and what central banks can do to curb it. They, and the papers they have chosen, highlight the central role for foresighted monetary policy as well as a smooth carbon taxation path.

June 2, 2023
Conny Olovsson - ECB and Sveriges Riksbank and David Vestin - Sveriges Riksbank

Central Bank Policies, Energy, Inflation, Modelling

Digests

Quantifying trade-related transboundary climate risks

Nina Knittel (University of Graz) sheds light on the research investigating how physical damages from one region can spill-over to trading partners.

May 5, 2023
Nina Knittel - University of Graz

Climate, Trade

Policy Briefs

Climate Stress Tests: an Overview

Climate stress tests were built to assess climate systemic risk in the financial system. They demand resources from supervisors and banks alike, but are proving useful to inform macroprudential policies.

April 14, 2023
Nicolò Florenzio - E-axes Forum

Central Banks, Climate

Digests

What do we know about climate finance?

Matteo Gasparini (Oxford University) creates a map of the main branches of the climate finance literature and classifies it according to different dimensions, shedding light on the emerging strands.

April 7, 2023
Matteo Gasparini - Oxford University

Climate

Digests

Clean energy’s material dependencies

Hugh Miller (OECD) has selected the most recent literature looking at the consequences of a low-carbon global economy for mineral mining.

March 3, 2023
Hugh Miller - OECD

Energy

Digests

Efficient pricing of past and future CO2

Derek Lemoine (University of Arizona) introduces a novel market-based instrument that simultaneously measures and controls climate damages.

February 3, 2023
Derek Lemoine - University of Arizona

Climate, Energy

Digests

Biodiversity-adjusted sovereign credit ratings

Patrycja Klusak (Norwich Business School), highlights recent research that aims to adjust sovereign credit scores for the impact of biodiversity risks.

January 6, 2023
Patrycja Klusak - Norwich Business School

Biodiversity, Modelling

Digests

Judge progress at COP27 against the demands of the science

The demand for ‘loss and damage’ finance by vulnerable developing countries is growing. This demand featured heavily at the recent COP27. Danae Kyriakopoulou (LSE Grantham Institute) shares her thoughts on its successes and failures.

December 2, 2022
Danae Kyriakopoulou - Grantham Research Institute on Climate Change and the Environment

Climate

Digests

Frontiers of climate and nature in macroeconomics and finance

The macroeconomic challenges from climate and nature change are constantly becoming more prevalent. At a conference hosted by the Banque de France on October 24-25, 2022, early career researchers presented cutting-edge analysis and policy solutions to tackle these challenges. This digests highlights important moments of this conference.

November 4, 2022
Adrian von Jagow - E-axes Forum

Biodiversity, Climate

Policy Briefs

Climate Risks in Financial Markets

Climate change has a destabilizing effect on financial markets. If market actors become overexposed to climate-sensitive assets, the ensuing market failure provides justification for central bank intervention to prevent cascading financial effects.

October 11, 2022
Nicolò Florenzio - E-axes Forum

Central Bank Policies, Climate

Digests

Making sense of corporate climate disclosures

Julia Bingler (CEP) has chosen the latest research aiming to improve corporate disclosures on their exposure to transition risks. Climate disclosures, she argues, can be a potent signal to investors only if they are available, understandable and properly processed.

October 7, 2022
Julia Bingler - CEP and University of Oxford

Climate

Digests

Likely emissions pathways in the 21st century

Frances Moore (UC Davis) has selected recent research that attempts to estimate the likelihood of different greenhouse gas emission pathways. Such estimates must take the socio-political-technical processes that influence emission pathways into account.

September 2, 2022
Frances Moore - University of California, Davis

Climate, Modelling

Policy Briefs

The impact of climate change on price stability

To secure price stability and fulfill their primary mandate, policymakers should act promptly: interest rate management, expectation anchoring, financial stabilization, cooperation with fiscal authorities are just some of the tools at their disposal.

July 28, 2022
Nicolò Florenzio - E-axes Forum

Central Bank Policies, Inflation

Digests

Heterogeneous expectations and climate change

Francesca Diluiso (Bank of England) has selected some recent research on how to incorporate heterogeneous expectations in models that evaluate effects of climate policies on the macroeconomy.

July 8, 2022
Francesca Diluiso - Mercator Research Institute on Global Commons and Climate Change

Modelling

Digests

Locating the financial impacts from stranded fossil-fuel assets

Gregor Semieniuk (UMass Amherst) has selected the latest literature on how can we determine who will incur the ultimate financial impact from stranded fossil-fuel assets.

June 3, 2022
Gregor Semieniuk - University of Massachusetts Amherst

Stranded Assets

Digests

Modelling uncertainty in climate economics

Loïc Berger (Researcher at the CNRS and Professor of Economics at IÉSEG School of Management) highlights research on incorporating uncertainty in analytical models for the purpose of making quantitative assessments of alternative policies.

May 6, 2022
Loïc Berger - CNRS and IÉSEG School of Management

April 8, 2022
Stéphane Hallegatte - The World Bank

March 4, 2022
Diego Känzig - London Business School

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Central Bank Policies, Featured

Climate, Trade

Central Bank Policies, Energy, Inflation, Modelling

Climate, Trade

Central Banks, Climate

Climate, Energy

Biodiversity, Modelling

Biodiversity, Climate

Central Bank Policies, Climate

Climate, Modelling

Central Bank Policies, Inflation

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