U.S. financial regulators have argued that the risks that climate change poses for large financial institutions are … climate change. It then analyzes the case for classifying climate change as a systemic risk to the stability of the financial … climate financial risks created by the largest financial institutions, and the public harms created by climate financial risk …

Does a shift to ambitious climate policy increase financial fragility? In this paper, we develop a quantitative … macroeconomic model with carbon taxes and endogenous financial crises to study such "Climate Minsky Moments". By reducing asset … ambitious climate policy is positive for low but empirically plausible social discount rates. …