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Feeling the Heat : Extreme Temperatures and Price Stability
Faccia, Donata; Parker, Miles; Stracca, Livio - 2022
We contribute to the debate surrounding central banks and climate change by investigating how extreme temperatures affect medium-term inflation, the primary objective of monetary policy. Using panel local projections for 48 advanced and emerging market economies (EMEs), we study the impact of...
Persistent link: https://www.econbiz.de/10013311775
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Climate Change-Related Regulatory Risks and Bank Lending
Mueller, Isabella; Sfrappini, Eleonora - 2022
We identify the effect of climate change-related regulatory risks on credit real-location. Our evidence suggests that effects depend borrower's region. Following an increase in salience of regulatory risks, banks reallocate credit to US frms that could be negatively impacted by regulatory...
Persistent link: https://www.econbiz.de/10013405373
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Transition Versus Physical Climate Risk Pricing in European Financial Markets : A Text-Based Approach
Bua, Giovanna; Kapp, Daniel; Ramella, Federico; … - 2022
We examine the existence of physical and transition climate risk premia in euro areaequity markets. To do so, we develop two novel physical and transition risk indicators, basedon text analysis, which are then used to gauge the presence of climate risk premia. Resultssuggest that climate risk...
Persistent link: https://www.econbiz.de/10013404918
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The impact of extreme weather events on budget balances and implications for fiscal policy
Lis, Eliza M.; Nickel, Christiane - 2009
weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude … countries face a much larger effect on changes in budget balances following an extreme weather event than do advanced economies …. Based on these findings, we discuss implications for fiscal policy and publiclyprovided disaster insurance. Our policy …
Persistent link: https://www.econbiz.de/10011605101
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The Impact of Extreme Weather Events on Budget Balances and Implications for Fiscal Policy
Lis, Eliza M. - 2009
weather events on changes in public budgets. We apply alternative measures for large scale extreme weather events and conclude … countries face a much larger effect on changes in budget balances following an extreme weather event than do advanced economies …. Based on these findings, we discuss implications for fiscal policy and publicly-provided disaster insurance. Our policy …
Persistent link: https://www.econbiz.de/10013159926
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Climate change-related regulatory risks and bank lending
Mueller, Isabella; Sfrappini, Eleonora - 2022
We identify the effect of climate change-related regulatory risks on credit reallocation, Our evidence suggests that effects depend borrower's region, Following an increase in salience of regulatory risks, banks reallocate credit to US firms that could be negatively impacted by regulatory...
Persistent link: https://www.econbiz.de/10013368000
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Financing the low-carbon transition in Europe
Carradori, Olimpia; Giuzio, Margherita; Kapadia, Sujit; … - 2023
Using evidence from the EU emissions trading system, we collect verified emissions of close to 4000 highly polluting and mostly non-listed firms responsible for 26% of EU's emissions. Over the period 2013-2019, we find a non-linear relationship between leverage and emissions. A firm with higher...
Persistent link: https://www.econbiz.de/10014374689
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Feeling the heat: Extreme temperatures and price stability
Faccia, Donata; Parker, Miles; Stracca, Livio - 2021
We contribute to the debate surrounding central banks and climate change by investigating how extreme temperatures affect medium-term inflation, the primary objective of monetary policy. Using panel local projections for 48 advanced and emerging market economies (EMEs), we study the impact of...
Persistent link: https://www.econbiz.de/10012819040
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The Asymmetric Effects of Weather Shocks on Euro Area Inflation
Ciccarelli, Matteo; Kuik, Friderike; Martínez … - 2023
This paper assesses the impact of weather shocks on inflation components in the four largest euro area economies. We … combine high-frequency weather data with monthly data on inflation and output growth within a set of Bayesian Vector Autore …
Persistent link: https://www.econbiz.de/10014355983
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Euro Area banks' sensitivity to changes in carbon price
Belloni, Marco; Kuik, Friderike; Mingarelli, Luca - 2022
In recent years there has been growing attention on the risks posed by climate change. One relevant question for financial stability is to which extent the materialisation of transition risks emerging from the sudden implementation of climate change mitigation policies would impact the financial...
Persistent link: https://www.econbiz.de/10013272145