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Working Paper
Household Finance after a Natural Disaster: The Case of Hurricane Katrina
Hartley, Daniel; Gallagher, Justin
(2014-08-12)
Little is known about how affected residents are able to cope with the fi nancial shock of a natural disaster. We investigate the impact that flooding from a major US hurricane had on household finance. Spikes in credit card borrowing and overall delinquency rates for the most flooded residents are modest in size and short-lived. Greater flooding results in larger reductions in total debt. Lower debt levels appear to be driven by homeowners using flood insurance to repay their mortgages rather than to rebuild. Debt reductions are larger in census tracts where mortgages were likely to be ...
Working Papers (Old Series)
, Paper 1406
Discussion Paper
How Do Banks Lend in Inaccurate Flood Zones in the Fed’s Second District?
Blickle, Kristian S.; Engelman, Katherine; Linnemann, Theo; Santos, João A. C.
(2023-11-13)
In our previous post, we identified the degree to which flood maps in the Federal Reserve’s Second District are inaccurate. In this post, we use our data on the accuracy of flood maps to examine how banks lend in “inaccurately mapped” areas, again focusing on the Second District in particular. We find that banks are seemingly aware of poor-quality flood maps and are generally less likely to lend in such regions, thereby demonstrating a degree of flood risk management or risk aversion. This propensity to avoid lending in inaccurately mapped areas can be seen in jumbo as well as non-jumbo ...
Liberty Street Economics
, Paper 20231113
Report
800,000 Years of Climate Risk
Adrian, Tobias; Boyarchenko, Nina; Giannone, Domenico; Prasad, Ananthakrishnan; Seneviratne, Dulani; Xiao, Yanzhe
(2022-09-01)
We use a long history of global temperature and atmospheric carbon dioxide (CO2) concentration to estimate the conditional joint evolution of temperature and CO2 at a millennial frequency. We document three basic facts. First, the temperature–CO2 dynamics are non-linear, so that large deviations in either temperature or CO2 concentrations take a long time to correct–on the scale of multiple millennia. Second, the joint dynamics of temperature and CO2 concentrations exhibit multimodality around historical turning points in temperature and concentration cycles, so that prior to the start of ...
Staff Reports
, Paper 1031
Discussion Paper
Transition Risks in the Fed’s Second District and the Nation
Blickle, Kristian S.; Chakrabarti, Rajashri; Pinkovskiy, Maxim L.
(2023-11-09)
Climate change may pose two types of risk to the economy—from policies and consumer preferences as the energy system transitions to a lower dependence on carbon (in other words, transition risks) or from damages stemming from the direct impacts of climate change (physical risks). In this post, we follow up on our previous post that studied the exposure of the Federal Reserve’s Second District to physical risks by considering how transition risks affect different parts of the District and how they differentially affect the District relative to the nation. We find that, relative to other ...
Liberty Street Economics
, Paper 20231109
Working Paper
Climate Shocks in the Anthropocene Era: Should Net Domestic Product Be Affected by Climate Disasters
Nakamura, Leonard I.; Sliker, Brian
(2023-10-30)
The monetary costs of weather and climate disasters in the U.S. have grown rapidly from 1980 to 2022, rising more than 5 percent in real terms annually. Much of this real growth in costs is likely due to climate change. Regardless of its cause, these costs imply a faster depreciation of real assets. We argue that the expected depreciation from these events could be included in the consumption of fixed capital, leading to lower levels, and slightly lower growth rates, for net domestic product (NDP). We use Poisson pseudo-maximum-likelihood regressions to estimate this expectation and to ...
Working Papers
, Paper 23-24
Journal Article
Understanding the Linkages between Climate Change and Inequality in the United States
Avtar, Ruchi; Blickle, Kristian S.; Chakrabarti, Rajashri; Janakiraman, Janavi; Pinkovskiy, Maxim L.
(2023-06-01)
The authors conduct a review of the existing academic literature to outline possible links between climate change and inequality in the United States. First, researchers have shown that the impact of both physical and transition risks may be uneven across location, income, race, and age. This is driven by a region’s geography as well as its ability to adapt. Second, measures that individuals and governments take to adapt to climate change and to transition to lower emissions risk increasing inequality. Finally, while federal aid and insurance coverage can mitigate the direct impact of ...
Economic Policy Review
, Volume 29
, Issue 1
, Pages 1-39
Report
Understanding the Linkages between Climate Change and Inequality in the United States
Avtar, Ruchi; Blickle, Kristian S.; Chakrabarti, Rajashri; Janakiraman, Janavi; Pinkovskiy, Maxim L.
(2021-11-01)
We conduct a review of the existing academic literature to outline possible links between climate change and inequality in the United States. First, researchers have shown that the impact of both physical and transition risks may be uneven across location, income, race, and age. This is driven by a region’s geography as well as its adaptation capabilities. Second, measures that individuals and governments take to adapt to climate change and transition to lower emissions risk increasing inequality. Finally, while federal aid and insurance coverage can mitigate the direct impact of physical ...
Staff Reports
, Paper 991
Working Paper
Extreme Weather and the Macroeconomy
Kim, Hee Soo; Matthes, Christian; Phan, Toan
(2011-08-11)
Working Paper
, Paper 21-14
Working Paper
The Green Corporate Bond Issuance Premium
Caramichael, John; Rapp, Andreas
(2022-06-02)
We study a global panel of green and conventional bonds to assess the borrowing cost advantage at issuance for green bond issuers. We find that, on average, green bonds have a yield spread that is 8 basis points lower relative to conventional bonds. This borrowing cost advantage, or greenium, emerges as of 2019 and coincides with the growth of the sustainable asset management industry following EU regulation. Within this context, we find that the greenium is linked to two proxies of demand pressure, bond oversubscription and bond index inclusion. Moreover, while green bond governance appears ...
International Finance Discussion Papers
, Paper 1346
Working Paper
Household Financial Decision-Making After Natural Disasters: Evidence from Hurricane Harvey
del Valle, Alejandro; Scharlemann, Tess C.; Shore, Stephen H.
(2022-03-25)
Hurricane Harvey brought more than four feet of rainfall to the Houston area in August 2017, leading to substantial flooding in many areas. Using regulatory data with detailed information on borrowing terms, we compare the borrowing response to Hurricane Harvey in parts of Houston that were more and less affected by flooding. We find that hurricane-affected households borrowed in a price-sensitive and time-limited manner, relying almost exclusively on promotional-rate credit cards and mortgage forbearance for new credit and repaying balances quickly. We find that conditional on flooding, ...
Finance and Economics Discussion Series
, Paper 2022-015
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