OFR Climate Implications for Financial Stability Conference Program

Friday September 9, 2022 (All times EST)

10:00 - 10:15 am Welcome and Opening Remarks

James Martin (Acting Director, Office of Financial Research)
Nellie Liang (Under Secretary of the Treasury for Domestic Finance, U.S. Department of Treasury)

Session Chair: Dasol Kim (Principal Economist, Office of Financial Research)

10:15 - 10:45 am Paper Session: Sustainability in a Risky World *

Authors: John Campbell (Harvard University), Ian Martin (London School of Economics)
Discussant: Antony Millner (University of California, Santa Barbara)

10:45 - 11:15 am Paper Session: The Great Carbon Arbitrage *

Authors: Tobias Adrian (International Monetary Fund), Patrick Bolton (Columbia University), Alissa Kleinnijenhuis (Stanford University)
Discussant: Andreas Lehnert (Federal Reserve Board of Governors)

11:15 - 11:45 am Paper Session: Economic Impact of Climate Change *

Authors: Cláudia Custódio (Imperial College London), Miguel Ferreira (Nova University), Emilia Garcia-Appendini (University of Zurich), Adrian Lam (Imperial College London)
Discussant: Sumudu Watugala (Indiana University)

Session Chair: Harrison Hong (John R. Eckel, Jr. Professor of Financial Economics, Columbia University)

12:00 - 1:00 pm Panel Discussion: Financial Stability and Macroprudential Policy Issues in Climate Risks *

Moderator: Tobias Adrian (International Monetary Fund)
Distinguished Panelists:
Chris Faint (Bank of England)
Paul Hiebert (European Central Bank)
Monika Piazessi (Stanford University)
Jeremy Stein (Harvard University)

Session Chair: Toan Phan (Senior Economist, The Federal Reserve Bank of Richmond)

1:15 - 1:45 pm Paper Session: Corporate Taxation and Carbon Emissions *

Authors: Luigi Iovino (Bocconi University), Thorsten Martin (Bocconi University), Julien Sauvagnat (Bocconi University)
Discussant: John Graham (Duke University)

1:45 - 2:15 pm Paper Session: Carbon Emissions and the Bank-Lending Channel *

Authors: Marcin T. Kacperczyk (Imperial College London) and José-Luis Peydró (Imperial College London)
Discussant: Justin Murfin (Cornell University)

2:15 - 2:45 pm Paper Session: Climate Stress Testing *

Authors: Robert Engle (New York University), Hyeyoon Jung (Federal Reserve Bank of New York), Richard Berner (New York University)
Discussant: Mathijs van Dijk (Erasmus University)

3:00 - 4:00 pm Panel Discussion: Climate Risk Measurement and Financial Stability Challenges *

Moderator: Andrew Karolyi (Cornell University)
Distinguished Panelists:
Sabine Mauderer (Bundesbank)
Laura Starks (University of Texas, Austin)
Kevin Stiroh (Federal Reserve Board of Governors)
Johannes Stroebl (New York University)

4:00 pm Closing Remarks

* Views and opinions expressed are those of the authors and do not necessarily represent official positions or policy of the OFR or Treasury.

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