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Pricing and Mispricing of Climate Risks in U.S. Financial Markets

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  • Toan Phan

Abstract

There is a rapidly growing research literature studying the effects of climate change risks on financial markets. Recent evidence suggests that markets have started to price climate risks. However, the extent of pricing varies across markets and time, and there is evidence of potential market inefficiencies. This article will highlight some key findings and their policy implications.

Suggested Citation

  • Toan Phan, 2021. "Pricing and Mispricing of Climate Risks in U.S. Financial Markets," Richmond Fed Economic Brief, Federal Reserve Bank of Richmond, vol. 21(41), December.
    • Handle: RePEc:fip:fedreb:93809
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    File URL: https://www.richmondfed.org/publications/research/economic_brief/2021/eb_21-41
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    Keywords

    climate risks; climate change;

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