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Climate Risk and the Fed: Preparing for an Uncertain Certainty

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  • Mary C. Daly

Abstract

While the severity and scope of a changing climate remains unclear, the consensus is that it poses a significant risk to the global economy and financial system. As monetary policymakers, the Fed’s job is to navigate this uncertainty by anticipating the potential changes and understanding their implications.

Suggested Citation

  • Mary C. Daly, 2021. "Climate Risk and the Fed: Preparing for an Uncertain Certainty," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2021(17), pages 1-08, June.
    • Handle: RePEc:fip:fedfel:92870
    Note: This FRBSF Economic Letter is adapted from remarks by President Mary C. Daly, Federal Reserve Bank of San Francisco, to the Peterson Institute for International Economics, June 22, 2021.
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    References listed on IDEAS

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    1. Carvalho, Carlos & Ferrero, Andrea & Nechio, Fernanda, 2016. "Demographics and real interest rates: Inspecting the mechanism," European Economic Review, Elsevier, vol. 88(C), pages 208-226.
    2. Tatyana Deryugina, 2017. "The Fiscal Cost of Hurricanes: Disaster Aid versus Social Insurance," American Economic Journal: Economic Policy, American Economic Association, vol. 9(3), pages 168-198, August.
    3. David H. Autor & David Dorn & Gordon H. Hanson, 2013. "The China Syndrome: Local Labor Market Effects of Import Competition in the United States," American Economic Review, American Economic Association, vol. 103(6), pages 2121-2168, October.
    4. Daniel J. Wilson, 2019. "Clearing the Fog: The Predictive Power of Weather for Employment Reports and Their Asset Price Responses," American Economic Review: Insights, American Economic Association, vol. 1(3), pages 373-388, December.
    5. Avraham Ebenstein & Ann Harrison & Margaret McMillan & Shannon Phillips, 2022. "Estimating The Impact Of Trade And Offshoring On American Workers Using The Current Population Surveys," World Scientific Book Chapters, in: Globalization, Firms, and Workers, chapter 12, pages 275-289, World Scientific Publishing Co. Pte. Ltd..
    6. Alston, Richard M & Kearl, J R & Vaughan, Michael B, 1992. "Is There a Consensus among Economists in the 1990's?," American Economic Review, American Economic Association, vol. 82(2), pages 203-209, May.
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    Cited by:

    1. Li, WeiWei & Padmanabhan, Prasad & Huang, Chia-Hsing, 2026. "Climate risk and asset-liability maturity mismatches," Global Finance Journal, Elsevier, vol. 69(C).
    2. Fried, Stephie & Novan, Kevin & Peterman, William B., 2022. "Climate policy transition risk and the macroeconomy," European Economic Review, Elsevier, vol. 147(C).
    3. Mary C. Daly, 2023. "Forward-Looking Policy in a Real-Time World," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2023(08), pages 1-8, March.
    4. Emre Kuvvet, 2024. "Reassessing climate disclosure demands: An examination of stakeholder perspectives beyond institutional investors," Economic Affairs, Wiley Blackwell, vol. 44(1), pages 95-117, February.

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