26.10.2022 – Midi-recherche : Stine Quorning
Title : The climate shift in central banking: an exploration of how economists work with climate-related issues
Abstract : Like most other public and private institutions central banks now find themselves in a situation in which they have to deal with questions related to climate change. But what happens when central banks, as organizations that traditionally employ macroeconomists, face the task of dealing with questions related to climate change? And how does an organization, such as a central bank, sustain its institutional legitimacy in a situation where it has to work with a new issue area where the employed experts do not have the training nor the expertise to make judgements? In her research, Stine Quorning explores how central bankers have approached questions around climate change by largely turning it into a question of understanding so-called ‘climate-related risks’ to be able to deal with questions related to climate change using their traditional tools and modeling frameworks. However, in doing so, central banks fail to account for the uncertainties and complexities that characterize climate change and thereby underestimating not only the risk to the financial sector, but also the role that central banks have in decarbonizing the economy.
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