Fourteenth Annual BIS CCA Research Conference on "Macro-financial implications of climate change and environmental degradation"

Hosted by the Central Bank of Colombia, Bogotá, 2-3 December 2024

Find the conference papers and presentations in the zip files and look at the detailed agenda. 

Monday 2 December 2024

09:00–09:25

Opening remarks
Leonardo Villar, Governor, Central Bank of Colombia 
Benoît Mojon, Head of Economic Analysis, Bank for International Settlements 
Juan Esteban Carranza, Head Officer for Economic Studies, Central Bank of Colombia
Elías Albagli, Head of Economic Research Department, Central Bank of Chile
 09:25–10:30

Keynote address
Marshall Burke, Associate Professor, Stanford University 
Chair: Elías Albagli (Central Bank of Chile)
 11:00–12:45

Session I: Economic impact of extreme weather events
Chair: Juan Esteban Carranza (Central Bank of Colombia)

  • "Supply chain transmission of economic impacts from climate physical risks"
    Douglas Araujo (BIS), Fernando Linardi, Luis Otavio Vissotto (Central Bank of Brazil) 
    Discussant: Thorsten Beck (Florence School of Banking and Finance, European University Institute)
  • "Weather shocks and food prices in a very diverse country: evidence from Colombia"
    Alexander Almeida, Camilo Bohorquez-Penuela, Leonardo Bonilla-Mejıa, Anabelle Couleau (Central Bank of Colombia)
    Discussant: Oscar Melo (Pontificia Universidad Católica de Chile)
  • "Estimating the Impact of a Climatic Shock on Credit Supply and the Probability of Default in The Bahamas"
    Lavashti Dames (Central Bank of The Bahamas)
    Discussant: Juan Sebastián Vélez Velásquez (Central Bank of Colombia)
 14:00–15:10

Session II: Transition risks in macro-financial models
Chair: Roberto Schaeffer (Federal University of Rio de Janeiro)

  • "Exposures of the banking sector of Costa Rica to hydrometeorological events"
    Irene Alvarado (Central Bank of Costa Rica)
    Discussant: Bridget Hoffmann (IDB)
  • "Anomalous temperature changes, economic activity, price stability and monetary policy"
    Jhon Aguirre, Alan Ledesma, Fernando Perez, Youel Rojas (Central Bank of Peru)
    Discussant: Ilhyock Shim (BIS)
15:40–16:15

Session III: Production in the face of climate change
Chair: Benoît Mojon (BIS)

  • "Firm-level CO2 emissions and production networks: macroeconomic implications of a carbon tax"
    Pablo Acevedo, Elías Albagli, Gonzalo García-Trujillo, María Antonia Yung (Central Bank of Chile)
    Discussant: David Perez-Reyna (Universidad de los Andes)

Tuesday 3 December 2024

09:00–10:30

Panel on climate research in central banking
Chair: Jon Frost (BIS)
Participants: Adrián Armas (Central Bank of Peru), Thorsten Beck (Florence School of Banking and Finance, European University Institute), Juan Esteban Carranza (Central Bank of Colombia), Alejandrina Salcedo (Central Bank of Mexico)
11:00–12:45

Session IV: Climate mitigation policies
Chair: Eric Strobl (University of Bern)

  • "Mitigating policies for pollutant emissions in a DSGE for the Brazilian economy"
    Marcos Valli, Angelo Fasolo, Silvio Costa (Central Bank of Brazil)
    Discussant: Elías Albagli (Central Bank of Chile)

  • "Navigating the Low-Carbon Shift: Balancing Municipal Finances with Climate Goals"
    Marcelo Ochoa, Andreas Rapp (Federal Reserve Board of Governors)


    Discussant: Galina Hale (UC Santa Cruz)
  • "Macroeconomic Impacts of the Transition to Net Zero in Canada"
    Thomas Carter, Tatjana Dahlhaus, Madan Ghosh, Craig Johnston, Yena Joo, Stephen Murchison, Genevieve Nelson, Rachit Lumb, Jonathan Swarbrick, Alexander Ueberfeldt, Raven Wheesk, Yinxi Xie, Yang Zhang (Bank of Canada)
    Discussant: Gregor Semieniuk (World Bank)

14:00–15:10

Session V: Physical risks and the banking sector
Chair: Carola Müller (BIS)

  • "How do the characteristics of loans change in the face of extreme weather events?"
    María Fernanda López Juárez, Calixto López (Central Bank of Mexico)
    Discussant: Sandra Aguilar-Gomez (Universidad de los Andes)
  • "The effects of weather shocks on soybean yields in Argentina"
    Emiliano Basco, Diego Elias, Maximiliano Gómez Aguirre, Luciana Pastore (Central Bank of Argentina)
    Discussant: Torsten Ehlers (BIS)
15:40–16:10

Invited talk: What can be learned from climate-related research in central banks?
Chair: Carlos Madeira (BIS)
Participants: Galina Hale (UC Santa Cruz), Oscar Melo (Pontificia Universidad Católica de Chile), Roberto Schaeffer (Federal University of Rio de Janeiro),
Eric Strobl (University of Bern)
16:10–16:30

Closing remarks
Jon Frost, Head of Economics for the Americas, BIS Office for the Americas
Juan Esteban Carranza, Head Officer for Economic Studies, Central Bank of Colombia
The presenters of the papers are in bold.