The conference will take place in person.
Background and Objective:
The Banque de France is delighted to co-organize an engaging conference in collaboration with its long-term partner, TSE. This event not only reflects our mutual dedication to foster close and mutually beneficial relationships through innovative economic research, but it also serves to strengthen the bond between our two institutions.
The objective of this one and a half day conference is to discuss recent contributions to the understanding of climate risk and biodiversity loss and their consequences on financial stability and monetary policy.
This event will welcome speakers from a wide range of backgrounds, including academics, central banks actors, regulators and representatives of the business sector, to cover the following topics:
Financing the ecological transition
Nature and financial stability
Climate and financial stability
Macroeconomics modeling of climate change and greenflation
Nature modelling
Preliminary Program
Wednesday, May 22, 2024
09:00 – 09:15 Registration and Welcome Coffee
09:15 – 09:30 Welcome address by Emmanuelle ASSOUAN (Banque de France)
SESSION 1: MACROECONOMICS OF BIODIVERSITY
The design of public policies and their impact on supply/demand and biodiversity
09:30-10:20 KEYNOTE on BIODIVERSITY FINANCE
Caroline FLAMMER (Columbia)
10:20 – 11.05 Anouch MISSIRIAN (TSE) Christopher COSTELLO (University of California), Olivier DESCHENES (University of California), Gavin McDONALD (University of California), Michael MELNYCHUK (University of Washington)
Demand vs. Supply Side Preservation Policies: The Case of Ocean Biodiversity and
Fisheries
11:05 – 11:30 Coffee break
11:30 – 12.20 KEYNOTE on CLIMATE FINANCE
Patrick BOLTON (Imperial College London)
12:20 – 13:30 Lunch
SESSION 2: MACROECONOMICS OF CLIMATE CHANGE AND GREENFLATION
Disparities in climate risk exposure, inflation consequences of the ecological transition and insights for macroeconomic modelling
13:30 – 14.15 Adrien BILAL (Harvard), and Esteban ROSSI-HANSBERG (University of Chicago)
Anticipating Climate Change Across the United States
14:15 – 15.00 Jean-Guillaume SAHUC (Banque de France), Frank SMETS (ECB), and Gauthier
VERMANDEL (Polytechnique)
The New Keynesian Climate Model
15:00- 15.30 Coffee break
SESSION 3: BANKING REGULATION AND CLIMATE RISK
Climate risks, the role and exposure of financial intermediaries, and consequences for prudential regulation
15:30 – 16.15 Martin OEHMKE (LSE), and Marcus M. OPP (Stockholm School of Economics)
Green Capital Requirements
16:15 – 17.00 Hyejoon JUNG (NY Fed), João A. C. SANTOS (NY Fed) and Lee SELTZER (NY Fed)
US Banks’ Exposures to Climate Transition Risks
17:00 – 18:30 PANEL ON MONETARY POLICY, BIODIVERSITY AND CLIMATE
Olivier GARNIER (Banque de France)
Christian GOLLIER (TSE)
Representatives from the Corporate and Financial sector
19:45 Dinner (upon invitation)
Thursday,May 23, 2024
08:45 – 09:00 Welcome Coffee
09:00 – 09:50 KEYNOTE on the CLIMATE-BIODIVERSITY NEXUS
Geoffrey HEAL (Columbia University)
SESSION 4: NATURE AND, THE RISK & VALUE OF FINANCIAL ASSETS
Nature and biodiversity loss and its impact on the pricing and risk of financial assets
09:50 – 10.35 Alexandre GAREL (Audencia Business School), Arthur ROMEC (Toulouse Business
School), Zacharias SAUTNER (University of Zurich), and Alexander F. WAGNER
(University of Zurich)
Do Investors Care About Biodiversity?
10:35 – 11:00 Coffee break
11:00 – 11.45 Andreas G.F. HOEPNER (University College Dublin), Johannes KLAUSMANN (University of Virginia), Markus LEIPPOLD (University of Zurich), and Jordy RILLAERTS (University of Zurich)
Beyond Climate: The Impact of Biodiversity, Water, and Pollution on the CDS Term
Structure
SESSION 5: FINANCING THE ECOLOGICAL TRANSITION
Public finances and the challenge of the energy and ecological transition
11:45 – 12.30 Luigi LOVINO (Bocconi University), Thorsten MARTIN (Frankfurt School of Finance &
Management), and Julien SAUVAGNAT (Bocconi University)
Corporate Taxation and Carbon Emissions
12:30 – 13.15 Stéphane DEES (Banque de France), and Caterina SEGHINI (Swiss Finance Institute)
The Green Transition and Public Finances
13:15 – 13:30 Concluding Remarks by Christian GOLLIER (TSE)
End of the conference
Presentation: 30 minutes for speakers - 10 minutes for discussant and 5 minutes for questions
Program
Registration
Organizing Committee:
Emmanuelle ASSOUAN, Banque de France
Olivier de BANDT, Banque de France
Jean BOISSINOT, Banque de France
Laurent CLERC, ACPR
Fany DECLERCK, TSE
Stéphane DEES, Banque de France
Ulrich HEGE, TSE
