Search Results
Working Paper
A New Measure of Climate Transition Risk Based on Distance to a Global Emission Factor Frontier
İşcan, Talan B.; Dennis, Benjamin
(2024-04-09)
Targeted financing of transition to a "net zero" global economy entails climate transition risk. We propose a measure of transition risk at the country-sector dyad level composed of five tiers of transition risk based on two factors: i) the gap between a dyad's existing emission factor (EF) -- a measure of the greenhouse gas intensity of output -- and the global 'frontier' sectoral EF, and ii) a dyad's recent convergence towards the frontier EF. Dyads that are either close to the frontier or converging towards the frontier carry lower transition risk. Our measure, using 45 sectors across 66 ...
Finance and Economics Discussion Series
, Paper 2024-017
Working Paper
Unequal Climate Policy in an Unequal World
Belfiori, Elisa; Carroll, Daniel R.; Hur, Sewon
(2024-07-16)
We study climate policy in an economy with heterogeneous households, two types of goods (clean and dirty), and a climate externality from the dirty good. Using household expenditure and emissions data, we document that low-income households have higher emissions per dollar spent than high-income households, making a carbon tax regressive. We build a model that captures this fact and study climate policies that are neutral with respect to the income distribution. A central feature of these policies is that resource transfers across consumers are ruled out. We show that the constrained optimal ...
Globalization Institute Working Papers
, Paper 427
Discussion Paper
Flood-Prone Basement Housing in New York City and the Impact on Low- and Moderate-Income Renters
Kramer, Claire; Nair, Ambika; di Giovanni, Julian
(2023-11-17)
Hurricane Ida, which struck New York in early September 2021, exposed the region’s vulnerability to extreme rainfall and inland flooding. The storm created massive damage to the housing stock, particularly low-lying units. This post measures the storm’s impact on basement housing stock and, following the focus on more-at-risk populations from the two previous entries in this series, analyzes the attendant impact on low-income and immigrant populations. We find that basements in select census tracts are at high risk of flooding, affecting an estimated 10 percent of low-income and immigrant ...
Liberty Street Economics
, Paper 20231117
Working Paper
On the GDP Effects of Severe Physical Hazards
Bodenstein, Martin; Scaramucci, Mikaël
(2024-02-13)
We assess the impacts from physical hazards (or severe weather events) on economic activity in a panel of 98 countries using local projection methods. Proxying the strength of an event by the monetary damages it caused, we find severe weather events to reduce the level of GDP. For most events in the EM-DAT data set the effects are small. The largest events in our sample (above the 90th percentile of damages) bring down the level of GDP by 0.5 percent for several years without recovery to trend. Smaller events (below the 90th percentile) see a less immediate decrease in initial years (0.1 ...
International Finance Discussion Papers
, Paper 1386
Report
Disaster (over-)insurance: the long-term financial and socioeconomic consequences of Hurricane Katrina
Bleemer, Zachary; Van der Klaauw, Wilbert
(2017-02-01)
Federal disaster insurance?in the form of national flood insurance, the Federal Emergency Management Agency (FEMA), and other programs?is designed to nationally-distribute large geography-specific shocks like earthquakes and hurricanes. This study examines the local longrun net impact of Hurricane Katrina and the subsequent policy response on impacted residents. Using a unique fifteen-year panel of five percent of adult Americans? credit reports, we find higher rates of insolvency and lower homeownership among inundated residents of New Orleans ten years after the storm, relative to their ...
Staff Reports
, Paper 807
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
Working Paper
Pricing of Climate Risk Insurance: Regulation and Cross-Subsidies
Oh, Sangmin; Sen, Ishita; Tenekedjieva, Ana-Maria
(2022-10-03)
Homeowners’ insurance, a $15 trillion market by coverage, provides households financial protection from climate losses. Insurance premiums (rates) are subject to significant regulations at a state level in the United States. Using novel data on filings made by insurers to regulators, we propose a metric to quantify the extent of regulation in individual states. We provide evidence of decoupling of insurance rates from their underlying risks and identify regulation as a driving force behind this pattern. Rates are least reflective of risk in states we classify as "high friction", ...
Finance and Economics Discussion Series
, Paper 2022-064
Discussion Paper
The Impact of Natural Disasters on the Corporate Loan Market
Ivanov, Ivan T.; Macchiavelli, Marco; Santos, João A. C.
(2020-11-18)
Natural disasters are usually associated with an increase in the demand for credit by both households and companies in the affected regions. However, if capacity constraints preclude banks from meeting the local increase in demand, the banks may reduce lending elsewhere, thus propagating the shock to unaffected areas. In this post, we analyze the corporate loan market and find that banks, particularly those with lower capital, reduce credit provisioning to distant regions unaffected by natural disasters. We also find that shadow banks only partially offset the reduction in bank credit, so ...
Liberty Street Economics
, Paper 20201118
Working Paper
Weathering an Unexpected Financial Shock: The Role of Cash Grants on Household Finance and Business Survival
Gallagher, Justin; Hartley, Daniel; Rohlin, Shawn M.
(2019-10-28)
We estimate the causal effect of cash grants on household finance and business survival following a natural disaster. Disaster-affected individuals in high damage blocks with access to cash grants have 17% less credit card debt following the disaster than those without access to cash grants. Grants do not reduce negative financial outcomes, but do decrease migration. The grants play a role in mitigating the effects of the shock to businesses; resulting in 18% more establishments and 29% more employees post-disaster in disaster-affected neighborhoods where residents receive grants, relative to ...
Working Paper Series
, Paper WP-2019-10
FILTER BY year
FILTER BY Bank
Board of Governors of the Federal Reserve System (U.S.) 33 items
Federal Reserve Bank of New York 26 items
Federal Reserve Bank of Philadelphia 7 items
Federal Reserve Bank of San Francisco 7 items
Federal Reserve Bank of Chicago 6 items
Federal Reserve Bank of Dallas 5 items
Federal Reserve Bank of Kansas City 5 items
Federal Reserve Bank of Cleveland 3 items
Federal Reserve Bank of Richmond 3 items
Federal Reserve Bank of Boston 2 items
Federal Reserve Bank of St. Louis 1 items
show more (6)
show less
FILTER BY Series
Finance and Economics Discussion Series 20 items
International Finance Discussion Papers 13 items
Liberty Street Economics 12 items
Staff Reports 12 items
Working Papers 11 items
Working Paper Series 10 items
Globalization Institute Working Papers 4 items
Research Working Paper 4 items
Chicago Fed Letter 3 items
Working Paper 3 items
Economic Policy Review 2 items
Consumer Finance Institute discussion papers 1 items
Economic Review 1 items
New England Public Policy Center Research Report 1 items
Working Papers (Old Series) 1 items
show more (10)
show less
FILTER BY Content Type
Working Paper 66 items
Discussion Paper 13 items
Report 13 items
Journal Article 3 items
Newsletter 3 items
FILTER BY Author
Santos, João A. C. 10 items
Blickle, Kristian S. 9 items
Bodenstein, Martin 8 items
Scaramucci, Mikaël 8 items
Dennis, Benjamin 7 items
Chakrabarti, Rajashri 5 items
Jung, Hyeyoon 4 items
Ochoa, Marcelo 4 items
Paustian, Matthias 4 items
Pinkovskiy, Maxim L. 4 items
Rodziewicz, David 4 items
Roth Tran, Brigitte 4 items
Wilcox, Laura 4 items
Dice, Jacob 3 items
Hossain, Mallick 3 items
Mohaddes, Kamiar 3 items
Morgan, Donald P. 3 items
Phan, Toan 3 items
Rudebusch, Glenn D. 3 items
Seltzer, Lee 3 items
di Giovanni, Julian 3 items
İşcan, Talan B. 3 items
Anagnostakos, Peter 2 items
Avtar, Ruchi 2 items
Bauer, Michael D. 2 items
Berner, Richard 2 items
Biswas, Siddhartha 2 items
Bram, Jason 2 items
Chan, Benjamin 2 items
Cocco, Alessandro 2 items
Curtis, Katherine 2 items
DeWaard, Jack 2 items
Del Negro, Marco 2 items
Engelman, Katherine 2 items
Engle, Robert 2 items
Fischl-Lanzoni, Natalia 2 items
Fussell, Elizabeth 2 items
Gallagher, Justin 2 items
Gourio, Francois 2 items
Hartley, Daniel 2 items
Janakiraman, Janavi 2 items
Kahn, Charles M. 2 items
Kruttli, Mathias S. 2 items
Latif, Hasan 2 items
Linnemann, Theo 2 items
Mahoney, James M. 2 items
Mallucci, Enrico 2 items
McConnell, Kathryn 2 items
Morgan, Ladd 2 items
Panjwani, Ahyan 2 items
Patel, Ketan B. 2 items
Perry, Evan 2 items
Price, Kobie 2 items
Raissi, Mehdi 2 items
Sarkar, Asani 2 items
Suarez, Ivelisse 2 items
Watugala, Sumudu W. 2 items
Whitaker, Stephan 2 items
Zhao, Bo 2 items
Zink, David 2 items
Acharya, Viral V. 1 items
Adrian, Tobias 1 items
Adão, Bernardino 1 items
Alvarez, Nahiomy 1 items
Amante, Christopher J. 1 items
Amornsiripanitch, Natee 1 items
An, Xudong 1 items
Arseneau, David M. 1 items
Balch, Jennifer 1 items
Belfiori, Elisa 1 items
Beltran, Daniel O. 1 items
Berger, Allen N. 1 items
Bleemer, Zachary 1 items
Boyarchenko, Nina 1 items
Brunetti, Celso 1 items
Cabrales, Antonio 1 items
Canals-Cerda, Jose J. 1 items
Caramichael, John 1 items
Carroll, Daniel R. 1 items
Cashin, Paul 1 items
Castro, Catalina Anampa 1 items
Correa, Ricardo 1 items
Couharde, Cécile 1 items
Crosignani, Matteo 1 items
Curti, Filippo 1 items
Damette, Olivier 1 items
Diebold, Francis X. 1 items
Dogra, Keshav 1 items
Drexler, Alejandro 1 items
Edmiston, Kelly D. 1 items
Engelhardt, Bryan 1 items
Fries, Charles 1 items
Gabriel, Stuart A. 1 items
García, Manu 1 items
Generoso , Rémi 1 items
Giannone, Domenico 1 items
Hale, Galina 1 items
Hannaoui, Oliver Zain 1 items
He, Ai 1 items
Herpfer, Christoph 1 items
Hur, Sewon 1 items
Ivanov, Ivan T. 1 items
Kahn, Matthew E. 1 items
Kiley, Michael T. 1 items
Kim, Dasol 1 items
Kim, Hee Soo 1 items
Kim-Sherman, Jacob 1 items
Kotta, Gurubala 1 items
Kramer, Claire 1 items
Lazaryan, Nika 1 items
Lel, Ugur 1 items
Macchiavelli, Marco 1 items
Maniff, Jesse Leigh 1 items
Matthes, Christian 1 items
Meisenbacher, Brigid C. 1 items
Mihov, Atanas 1 items
Nair, Ambika 1 items
Nakamura, Leonard I. 1 items
Narajabad, Borghan N. 1 items
Nechio, Fernanda 1 items
Offner, Eric 1 items
Oh, Sangmin 1 items
Olson, Luke 1 items
Orak, Musa 1 items
Osada, Mitsuhiro 1 items
Pankratz, Nora 1 items
Pesaran, M. Hashem 1 items
Pilossoph, Laura 1 items
Prasad, Ananthakrishnan 1 items
Ramos Muñoz, David 1 items
Rapp, Andreas 1 items
Rohlin, Shawn M. 1 items
Roman, Raluca 1 items
Roman, Raluca A. 1 items
Scharlemann, Tess C. 1 items
Schiller, Christoph M. 1 items
Schwartzman, Felipe 1 items
Schwerhoff, Gregor 1 items
Sen, Ishita 1 items
Seneviratne, Dulani 1 items
Shin, Chaehee 1 items
Shore, Stephen H. 1 items
Sliker, Brian 1 items
Soto, Michael 1 items
St. Denis, Lise 1 items
Stroebel, Johannes 1 items
Stuermer, Martin 1 items
Sánchez, Angel 1 items
Temzelides, Ted 1 items
Tenekedjieva, Ana-Maria 1 items
Tzur-Ilan, Nitzan 1 items
Uysal, Pinar 1 items
Van der Klaauw, Wilbert 1 items
Wahl, Eugene 1 items
Warner, Michael 1 items
Weill, Joakim A. 1 items
Wilson, Daniel J. 1 items
Wylie, David 1 items
Xiao, Yanzhe 1 items
Yang, Jui-Chung 1 items
Zeng, Xuran 1 items
Zer, Ilknur 1 items
Zhao, Yihao 1 items
del Valle, Alejandro 1 items
http://fedora:8080/fcrepo/rest/objects/authors/ 1 items
Çakır Melek, Nida 1 items
show more (161)
show less
FILTER BY Jel Classification
G21 16 items
G14 8 items
O50 8 items
G20 7 items
D14 6 items
R10 6 items
D12 5 items
D63 5 items
G10 5 items
G28 5 items
G38 5 items
Q51 5 items
Q56 5 items
Q58 5 items
E23 4 items
G11 4 items
G12 4 items
G15 4 items
G22 4 items
R23 4 items
C33 3 items
C53 3 items
E16 3 items
G23 3 items
H84 3 items
Q50 3 items
R11 3 items
R31 3 items
E44 2 items
F32 2 items
F34 2 items
F44 2 items
G2 2 items
G32 2 items
G51 2 items
G52 2 items
H23 2 items
H72 2 items
L81 2 items
O13 2 items
O40 2 items
Q55 2 items
A13 1 items
C10 1 items
C14 1 items
C22 1 items
C32 1 items
C82 1 items
D10 1 items
D40 1 items
D58 1 items
D62 1 items
D82 1 items
D85 1 items
D89 1 items
E12 1 items
E13 1 items
E2 1 items
E24 1 items
E25 1 items
E31 1 items
E43 1 items
E52 1 items
E58 1 items
E60 1 items
E61 1 items
F21 1 items
F41 1 items
F64 1 items
G1 1 items
G18 1 items
G3 1 items
G30 1 items
G5 1 items
G50 1 items
H21 1 items
H40 1 items
H43 1 items
H63 1 items
H87 1 items
I31 1 items
J24 1 items
J60 1 items
L14 1 items
O14 1 items
O30 1 items
O33 1 items
O36 1 items
O41 1 items
O44 1 items
O51 1 items
P46 1 items
Q1 1 items
Q14 1 items
Q19 1 items
Q20 1 items
Q30 1 items
Q41 1 items
Q42 1 items
Q43 1 items
Q5 1 items
Q52 1 items
Q53 1 items
R12 1 items
R14 1 items
R21 1 items
R3 1 items
R30 1 items
R52 1 items
show more (105)
show less
FILTER BY Keywords
climate change 29 items
climate risk 18 items
climate 14 items
natural disasters 12 items
Climate-related risk 11 items
GDP growth 8 items
Natural hazards and disasters 8 items
Rare disasters 8 items
Vulnerability to climate impacts 8 items
financial stability 8 items
Stock returns 5 items
Transition risk 5 items
adaptation 5 items
bank lending 5 items
banks 5 items
hurricanes 5 items
inequality 5 items
Carbon pricing 4 items
ESG 4 items
Portfolio choice 4 items
Second District 4 items
floods 4 items
Insurance 4 items
flood risk 4 items
weather 4 items
wildfires 4 items
Consumer Credit 3 items
Convergence 3 items
Direct emissions 3 items
FEMA 3 items
Greenhouse gas emissions 3 items
Production emissions 3 items
Disasters 3 items
Green finance 3 items
Migration 3 items
Natural Disaster 3 items
climate finance 3 items
physical risk 3 items
Flow of risk 2 items
Income 2 items
Network for Greening the Financial System (NGFS) scenarios 2 items
New York 2 items
Puerto Rico 2 items
Real estate loans 2 items
Sovereign risk 2 items
climate risks 2 items
extreme weather 2 items
flood maps 2 items
flooding 2 items
growth 2 items
household finances 2 items
implied volatility 2 items
inflation 2 items
local government spending 2 items
mortgage 2 items
prepayment risk 2 items
racial disparities 2 items
systemic risk 2 items
uncertainty 2 items
underinsurance 2 items
Disaster Insurance 2 items
Economic growth 2 items
Financial Economics 2 items
Machine learning 2 items
Retail 2 items
Sales 2 items
Sea-level rise 2 items
Sustainable finance 2 items
Air Pollution 1 items
Anthropocene 1 items
Applied Econometrics 1 items
Banking; Bank Holding Companies 1 items
Bond issuance 1 items
Capital-skill complementarity 1 items
Central bank mandate 1 items
Central bank speeches 1 items
Climate Adaptation 1 items
Climate economics 1 items
Climate-finance 1 items
Corporate bonds 1 items
Crops 1 items
Cross-subsidies 1 items
Decomposition 1 items
Depreciation 1 items
Drought 1 items
Dynamic taxation 1 items
ENSO events 1 items
Economic conditions 1 items
Energy transition 1 items
Environmental Inequalities 1 items
FEMA maps 1 items
Farm Economy 1 items
Farm Finance 1 items
Financial Distress 1 items
Financial Preparedness 1 items
Financial markets and the macro economy 1 items
Forbearance 1 items
GDP at Risk 1 items
Global Warming 1 items
Green bond premium 1 items
Green bonds 1 items
Home Mortgage Disclosure Act (HMDA) data 1 items
Homeowners' Insurance 1 items
Household Finance 1 items
Household behavior 1 items
Housing 1 items
Housing market 1 items
Hurricane Ida 1 items
Hurricane Maria 1 items
Information Provision 1 items
Insurance Availability 1 items
LMI 1 items
Lasso 1 items
Loan pricing 1 items
Massachusetts 1 items
Mortgages and credit 1 items
NEPPC 1 items
National Accounts 1 items
Natural Disasters and Their Management 1 items
Natural hazards 1 items
Natural language processing 1 items
New England 1 items
New Jersey 1 items
Non-renewable resources 1 items
Operational Losses 1 items
Rate Regulation 1 items
Renewable Resources and Conservation 1 items
Risk management 1 items
STVAR 1 items
Scrapping 1 items
Sea ice extent 1 items
Severe Thunderstorms 1 items
Spatial Inequality 1 items
Spending 1 items
Technology adoption 1 items
Temperature 1 items
Tornadoes 1 items
Transparency 1 items
access to credit 1 items
bond markets 1 items
carbon emissions 1 items
carbon tax 1 items
central bank's tradoffs 1 items
climate models 1 items
climate prediction 1 items
climate trends 1 items
clustering 1 items
competition 1 items
consumer finance 1 items
consumption 1 items
cost of carbon 1 items
counterfactual analysis 1 items
credit constraints 1 items
cryospheric science 1 items
disaster 1 items
elasticity of substitution 1 items
emerging markets 1 items
endogenous growth 1 items
energy 1 items
environmental reporting 1 items
expected returns 1 items
extraction technology 1 items
extreme weather events 1 items
financial risk 1 items
firm location 1 items
firm performance 1 items
flood insurance 1 items
green transition 1 items
heat wave 1 items
homeownership 1 items
house prices 1 items
input-output linkages 1 items
international financial markets 1 items
low-and moderate-income (LMI) 1 items
macroeconomics 1 items
moral hazard. 1 items
mortgage lending 1 items
mortgage-backed securities 1 items
mortgages 1 items
multimodality 1 items
natural rate of interest 1 items
pandemic 1 items
physical risks 1 items
production networks 1 items
r-star 1 items
real estate 1 items
regional economic activity 1 items
regulation 1 items
shadow banks 1 items
social discount rate 1 items
social networks 1 items
social norms 1 items
sovereign default 1 items
structured finance 1 items
syndicated loans 1 items
technological change 1 items
text analysis 1 items
tornado 1 items
transition risks 1 items
unintended consequences 1 items
weather shocks 1 items
welfare 1 items
show more (231)
show less