Search Results

(refine search)

SORT BY: PREVIOUS / NEXT

All:
Title:
Author:
Abstract:
Keywords:

+ Add Search Parameter

Speech
Emerging Issues for Risk Managers
Stiroh, Kevin J. (2019-11-07)
Introductory Remarks at the GARP Global Risk Forum, Federal Reserve Bank of New York, New York City.
Speech , Paper 336

Working Paper
Snow Belt to Sun Belt Migration: End of an Era?
Leduc, Sylvain; Wilson, Daniel J. (2024-07-15)
Internal migration has been cited as a key channel by which societies will adapt to climate change. We show in this paper that this process has already been happening in the United States. Over the course of the past 50 years, the tendency of Americans to move from the coldest places (“snow belt”), which have become warmer, to the hottest places (“sun belt”), which have become hotter, has steadily declined. In the latest full decade, 2010-2020, both county population growth and county net migration rates were essentially uncorrelated with the historical means of either extreme heat ...
Working Paper Series , Paper 2024

Discussion Paper
Flood Risk Outside Flood Zones — A Look at Mortgage Lending in Risky Areas
Blickle, Kristian S.; Perry, Evan; Santos, João A. C. (2024-09-25)
In support of the National Flood Insurance Program (NFIP), the Federal Emergency Management Agency (FEMA) creates flood maps that indicate areas with high flood risk, where mortgage applicants must buy flood insurance. The effects of flood insurance mandates were discussed in detail in a prior blog series. In 2021 alone, more than $200 billion worth of mortgages were originated in areas covered by a flood map. However, these maps are discrete, whereas the underlying flood risk may be continuous, and they are sometimes outdated. As a result, official flood maps may not fully capture the true ...
Liberty Street Economics , Paper 20240925

Discussion Paper
Climate Change and Financial Stability: The Weather Channel
Blickle, Kristian S.; Morgan, Donald P. (2022-04-04)
Climate change could affect banks and the financial systems they anchor through various channels: increasingly extreme weather is one (Financial Stability Board, Basel Committee on Bank Supervision). In our recent staff report, we size up this channel by studying how U.S. banks, large and small, fared against disasters past. We find even the most destructive disasters had insignificant or small effects on bank stability and small and positive effects on bank income. We conjecture that recovery lending after disasters helps stabilize larger banks while smaller, local banks’ knowledge of ...
Liberty Street Economics , Paper 20220404

Journal Article
Rising Wildfire Risk for the 12th District Economy
Oliveira, Luiz E.; Aylward, James (2020-07-13)
The growing risk from natural disasters is a key economic effect of climate change. Severe wildfires are a leading example, and they are particularly important for the western states that make up the 12th Federal Reserve District. Analyzing data on wildfire hazard and economic activity confirms that these states are substantially more exposed to wildfire risk than the rest of the country. This gap in regional wildfire risk is likely to grow over time as climate change continues.
FRBSF Economic Letter , Volume 2020 , Issue 19 , Pages 5

Working Paper
Climate Change and Financial Policy: A Literature Review
Dennis, Benjamin (2022-07-29)
This article reviews the rapidly proliferating economic literature on climate change and financial policy. We find: (1) enduring challenges in estimating the statistical properties of a changed climate; (2) emerging evidence of financial markets pricing in climate-related risks; and (3) a range of significant institutional distortions preventing such pricing from being complete. Finally, we argue that geographic regions may be an especially fruitful unit of analysis for understanding the financial impact of climate change.
Finance and Economics Discussion Series , Paper 2022-048

Journal Article
COVID-19 and CO2
Hale, Galina; Leduc, Sylvain (2020-07-06)
One potential side effect from the rapid decline of global economic activity since the worldwide pandemic is a reduction in carbon dioxide emissions. Historically, CO2 emissions rise and fall in tandem with economic activity in the short run. Since the industries most affected by the downturn also produce the most CO2, emissions could drop more than output this time around. However, without substantial and sustained changes in energy sources and efficiency, the concentration of CO2 in the atmosphere—the relevant factor causing climate change—will continue on its upward trajectory.
FRBSF Economic Letter , Volume 2020 , Issue 18 , Pages 06

Working Paper
How Climate Change Shapes Bank Lending: Evidence from Portfolio Reallocation
Meisenzahl, Ralf R. (2023-03-30)
I document how bank lending has changed in response to climate change by analyzing changes in bank loan portfolios since 2012. Using supervisory data providing loan-level portfolios of the largest U.S. banks, I find that banks significantly reduced lending to areas more impacted by climate change starting around 2015. Using flood risk and wildfire risk as proxies for climate risk, I estimate a one standard deviation increase in climate risk reduces county-level balances in banks’ portfolios by up to 4.7 percent between 2014 and 2020 in counties with large loan balances. The aggregate trend ...
Working Paper Series , Paper WP 2023-12

Journal Article
Community Effects of Climate Change in North Carolina
Olayvar, Jessica; Norris, Caroline (2022-10)
According to a 2021 report by the World Meteorological Organization, hurricanes, floods, heat waves, and droughts have increased in frequency and intensity around the world, accounting for 2 million deaths and $3.64 trillion in losses globally between 1970 and 2019. In the mid-Atlantic region, these events typically result in river and coastal flooding; several recent examples have devastated communities.
Econ Focus , Volume 22 , Issue 4Q , Pages 8-11

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

show more (1)

show more (69)

PREVIOUS / NEXT

Fed in Print

Search Results

FILTER BY year

FILTER BY Bank

FILTER BY Series

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

FILTER BY Keywords