The Economics of Climate Change

Friday, November 8, 2019

This conference will bring together researchers from around the globe to discuss quantifying the climate risk faced by households, firms, and the financial system; measuring the economic costs and consequences of climate change; accounting for the effects of climate change on financial asset prices; and understanding the potential implications of climate change for monetary, supervisory, and trade policy.

Conference attendance is by invitation only; presentations will be livestreamed on this page the day of the conference starting at 8:45 a.m. PT. All times listed are Pacific Time Zone and approximate.

Archive of Welcome and Introduction, Sessions 1-5, and Closing Remarks

Archive of Session 6

Agenda with approximate livestream times (pdf, 102 kb).

Welcome and Introduction: 8:45–9:00 a.m.
Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco

Read speech: Why Climate Change Matters to Us

Session 1 Chair:
Glenn D. Rudebusch, Federal Reserve Bank of San Francisco

Session 1A: 9:00–9:25 a.m.
Labor Supply in a Warmer World: The Impact of Climate Change on the Global Workforce
Presenter: Solomon Hsiang, University of California, Berkeley
Discussant: David Card, University of California, Berkeley

Session 1B: 9:37–10:02 a.m.
Long-Term Macroeconomic Effects of Climate Change: A Cross-Country Analysis
Presenter: M. Hashem Pesaran, University of Southern California
Discussant: Francis X. Diebold, University of Pennsylvania

Download paper (pdf, 2 mb)

Session 2 Chair:
Galina B. Hale, Federal Reserve Bank of San Francisco

Session 2A: 10:45–11:10 a.m.
Integrated Assessment in a Multi-region World with Multiple Energy Sources and Endogenous Technical Change
Presenter: Conny Olovsson, Central Bank of Sweden (Sveriges Riksbank)
Discussant: Larry Karp, University of California, Berkeley

Download paper (pdf, 470 kb)

Session 2B: 11:22–11:47 a.m.
On the Implications of Pollution for the Measurement of Output, Volatility, and the Natural Interest Rate
Presenter: Nicholas Z. Muller, Carnegie Mellon University
Discussant: François Gourio, Federal Reserve Bank of Chicago

Download paper (pdf, 1 mb)

Session 3 Chair:
Sylvain Leduc, Federal Reserve Bank of San Francisco

Session 3A: 1:00–1:25 p.m.
Climate Change Risk
Presenter: Dana Kiku, University of Illinois
Discussant: Thomas Mertens, Federal Reserve Bank of San Francisco

Download paper (pdf, 752 kb)

Session 3B: 1:37–2:02 p.m.
Carbon Risk
Presenter: Ryan Riordan, Queens University
Discussant: Harrison Hong, Columbia University

Download paper (pdf, 2 mb)

Session 4 Chair:
Òscar Jordà, Federal Reserve Bank of San Francisco

Session 4A: 2:40–3:05 p.m.
A Run on Oil: Climate Policy, Stranded Assets, and Asset Prices
Presenter: Michael Barnett, Arizona State University
Discussant: Robert Ready, University of Oregon

Download paper (pdf, 4 mb)

Session 4B: 3:17–3:42 p.m.
The Environmental Bias of Trade Policy
Presenter: Joseph S. Shapiro, University of California, Berkeley
Discussant: Katheryn Russ, University of California, Davis

Download paper (pdf, 2 mb)

Session 5 Chair:
Glenn D. Rudebusch, Federal Reserve Bank of San Francisco

Session 5A: 4:20–4:45 p.m.
The Systemic Risk of Climate Policy
Presenter: Stephie Fried, Arizona State University
Discussant: Tony Smith, Yale University

Download paper (pdf, 2 mb)

Session 5B: 4:57–5:22 p.m.
Climate Change: Macroeconomic Impact and Implications for Monetary Policy
Presenter: Sandra Batten, Bank of England
Discussant: Warwick McKibbin, Australian National University

Download paper (pdf, 1 mb)

Closing Remarks: 5:35–5:45 p.m.
Lael Brainard, Governor, Federal Reserve Board

Session 6: 7:15–7:55 p.m.
Introduction
Glenn D. Rudebusch, Federal Reserve Bank of San Francisco

Dinner Speaker
Frank Elderson, Member of the Governing Board, Netherlands Central Bank (De Nederlandsche Bank, DNB) and Chairman, Network for Greening the Financial System (NGFS)