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Carbon Pricing and Inflation Expectations
Putting a price on carbon emissions helps mitigate climate change but may also raise overall price inflation. Using high-frequency …
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Corporate Green Pledges
We build a novel dataset of timestamped corporate decarbonization commitments—green pledges—for U.S. public firms by …
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Green Stocks and Monetary Policy Shocks: Evidence from Europe
Policymakers and researchers, notably in Europe, have expressed concerns that the capital-intensive investments required for a green …
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Climate policy curves highlight key mitigation choices
The extent of future climate change is a policy choice. Using an integrated climate-economy assessment model, we estimate climate …
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Changing Perceptions and Post-Pandemic Monetary Policy
We document that the Fed’s perceived monetary policy response to inflation shifted materially over the post-pandemic period. In …
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The Effect of U.S. Climate Policy on Financial Markets: An Event Study of the Inflation Reduction Act
The Inflation Reduction Act of 2022 (IRA) represents the largest climate policy action ever undertaken in the United States. Its …
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Perceptions about Monetary Policy
We estimate perceptions about the Federal Reserve’s monetary policy rule from panel data on professional forecasts of interest …
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Interest Rate Skewness and Biased Beliefs
The conditional skewness of Treasury yields is an important indicator of the risks to the macroeconomic outlook. Positive skewness …
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The Rising Cost of Climate Change: Evidence from the Bond Market
Social discount rates (SDRs) are crucial for evaluating the costs of climate change. We show that the fundamental anchor for …
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A Reassessment of Monetary Policy Surprises and High-Frequency Identification
High-frequency changes in interest rates around FOMC announcements are an important tool for identifying the effects of monetary policy …
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