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  1. The effect of U.S. climate policy on financial markets
    an event study of the inflation reduction act
    Author: Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D.
    Published: November 2023
    Publisher:  CESifo, Munich, Germany

    The Inflation Reduction Act of 2022 (IRA) represents the largest climate policy action ever undertaken in the United States. Its legislative path was marked by two abrupt shifts as the likelihood of climate policy action fell to near zero and then... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    The Inflation Reduction Act of 2022 (IRA) represents the largest climate policy action ever undertaken in the United States. Its legislative path was marked by two abrupt shifts as the likelihood of climate policy action fell to near zero and then rose to near certainty. We investigate equity price reactions to these two events, which represent major realizations of climate policy transition risk. Our results highlight the heterogeneous nature of climate policy risk exposure. We find sizable reactions that differ by industry as well as across firm-level measures of greenness such as environmental scores and emission intensities. While the financial market response to the IRA was economically significant, it did not lead to instability or financial stress, suggesting that transition risks posed by climate policies even as ambitious as the IRA may be manageable.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/282427
    Series: CESifo working papers ; 10739 (2023)
    Subjects: transition risk; stranded assets; event study; carbon emissions; ESG scores; green stocks; brown stocks
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  2. The effect of U.S. climate policy on financial markets
    an event study of the inflation reduction act
    Author: Bauer, Michael D.; Offner, Eric A.; Rudebusch, Glenn D.
    Published: [2023]
    Publisher:  Federal Reserve Bank of San Francisco, [San Francisco, CA]

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 385
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working papers series / Federal Reserve Bank of San Francisco ; 2023, 30 (September 2023)
    Subjects: transition risk; stranded assets; event study; carbon emissions; ESG scores; green stocks; brown stocks
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen