The Economics of Climate Change

Friday, November 8, 2019

San Francisco, CA

This conference brings 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.

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

Welcome and Introduction: 8:45–9:00 a.m.

Why Climate Change Matters to Us

Mary C. Daly, President and CEO, Federal Reserve Bank of San Francisco

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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

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Paper unavailable at request of author

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

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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

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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

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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

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Session 3B: 1:37–2:02 p.m.

Carbon Risk

Presenter: Ryan Riordan, Queens University

Discussant: Harrison Hong, Columbia University

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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

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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

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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

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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

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Closing Remarks: 5:35–5:45 p.m.

Why Climate Change Matters for Monetary Policy and Financial Stability

Lael Brainard, Governor, Federal Reserve Board

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Session 6: 7:15–7:55 p.m.

Introduction

Glenn D. Rudebusch, Federal Reserve Bank of San Francisco

Dinner Speaker

Discussing Financial Risks during Wildfire

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

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