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

Yannis Dafermos

“Non-Equilibrium Modelling: Reframing Climate Policy Narratives”

Event description

Young Scholars' Webinar on Climate Finance and Economics

This webinar explores how non-equilibrium macroeconomic modelling can reshape the narratives around climate policy and the role of finance in the green transition. Building on insights from Yannis Dafermos’ co-authored paper “Climate Change and Macroeconomic Models: Why General Equilibrium Models Do Not Work,” the discussion will highlight how climate policies, when modelled within non-equilibrium frameworks, are reframed as drivers of macrofinancial sustainability and should be designed with specific attention to the role of interconnected balance sheets. Yannis Dafermos will present the theoretical contributions of his work, followed by practitioner insights from Nina Chen, who will discuss how such modelling approaches inform policy design and financial decision-making in real-world contexts.

Moderator:

Pierre Monnin
Visiting Senior Fellow, CEP

Organizing Committee

Yannis Dafermos

Yannis Dafermos is a Reader in Economics at SOAS University of London where he is currently serving as the Head of the Department of Economics. His research focuses on ecological and financial macroeconomics, climate finance, climate-aligned development, inequalities, and the political economy of the green transition.

His work has been published in several academic journals, including the Cambridge Journal of Economics, Ecological Economics, Environment and Planning A: Economy and Space, the Journal of Banking & Finance, the Journal of Financial Stability, Nature Climate Change and New Political Economy.

Yannis has led and co-led multiple projects on the role of macroeconomic and financial policies in the green transition and has run capacity building programs on climate change for many central banks. He is a Senior Fellow at the SOAS Centre for Sustainable Finance, a Fellow at the Forum for Macroeconomics and Macroeconomic Policies (FMM) and a Committee member of the Post-Keynesian Economics Society (PKES).

In addition, Yannis is an Editorial Board member of the journal Ecological Economics and an Associate Editor of the Review of Evolutionary Political Economy.

Yannis Dafermos

Reader in Economics
Yannis Dafermos is a Reader in Economics at SOAS University of London where he is currently serving as the Head of the Department of Economics. His research focuses on ecological and financial macroeconomics, climate finance, climate-aligned development, inequalities, and the political economy of the green transition.

His work has been published in several academic journals, including the Cambridge Journal of Economics, Ecological Economics, Environment and Planning A: Economy and Space, the Journal of Banking & Finance, the Journal of Financial Stability, Nature Climate Change and New Political Economy.

Yannis has led and co-led multiple projects on the role of macroeconomic and financial policies in the green transition and has run capacity building programs on climate change for many central banks. He is a Senior Fellow at the SOAS Centre for Sustainable Finance, a Fellow at the Forum for Macroeconomics and Macroeconomic Policies (FMM) and a Committee member of the Post-Keynesian Economics Society (PKES).

In addition, Yannis is an Editorial Board member of the journal Ecological Economics and an Associate Editor of the Review of Evolutionary Political Economy.

Yue (Nina) Chen

Senior Visiting Fellow
Yue (Nina) Chen is the Senior Climate Finance Officer at the Office of the New York City Comptroller Bureau of Asset Management. She oversees the implementation of three New York City pension funds’ goal of achieving net zero GHG emissions by 2040 in their investment portfolios. She is also a Senior Visiting Fellow at Center for Economic Transition Expertise (CETEx) at the London School of Economics.

Previously, Nina was the inaugural Chief Climate Risk Officer at the federal banking regulator the Office of the Comptroller of the Currency from September 2022 to March 2025. In this position, Nina led the agency’s climate risk efforts related to supervision, policy, and external engagement and oversaw all activities of the Office of Climate Risk. Nina also served as the inaugural Executive Deputy Superintendent of the Climate Division at the New York State Department of Financial Services, the state’s banking and insurance regulator. She issued the nation’s first guidance on climate-related financial risk management for banks and insurers. She also was the Vice-Chair of the Climate Risk Steering Group at the International Association of Insurance Supervisors.

Prior to her public service, Nina served as the Director of Conservation Investments at the Nature Conservancy where she designed innovative strategies to attract private capital to conservation efforts. She started her career in finance and traded fixed income products at Goldman Sachs and Royal Bank of Canada Global Arbitrage and Trading, among others.

Nina earned a bachelor’s degree in chemical engineering from Tsinghua University, Beijing and a Ph.D. in chemical engineering from the Massachusetts Institute of Technology. She also holds a certificate in Conservation and Environmental Sustainability from Columbia University.

Paper and slides

Climate Change and Macroeconomic Models: Why General Equilibrium Models Do Not Work (Paper)

Non-Equilibrium Modelling: Reframing Climate Policy Narratives (Slides)

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