Climate stress testing

Abstract

NBER WORKING PAPER SERIES CLIMATE STRESS TESTING Viral V. Acharya Richard Berner Robert F. Engle III Hyeyoon Jung Johannes Stroebel Xuran Zeng Yihao Zhao Working Paper 31097 http://www.nber.org/papers/w31097 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2023 We gratefully acknowledge financial support from NSF grant 2218455, NBIM, IDB and VRI. We thank Joao Santos, Kristian Blickle, Lee Seltzer, Dina Maher, David Ignell, Han Yan, and Samantha Zeller for their helpful comments. The views expressed in this paper are those of the author(s) and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed additional relationships of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w31097 NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2023 by Viral V. Acharya, Richard Berner, Robert F. Engle III, Hyeyoon Jung, Johannes Stroebel, Xuran Zeng, and Yihao Zhao. All rights reserved. Short sections of text, not to exceed two paragraphs, may …

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