What Do Climate Risk Indices Measure?

Oliver Zain Hannaoui and Hyeyoon Jung

No 20241007, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: As interest in understanding the economic impacts of climate change grows, the climate economics and finance literature has developed a number of indices to quantify climate risks. Various approaches have been employed, utilizing firm-level emissions data, financial market data (from equity and derivatives markets), or textual data. Focusing on the latter approach, we conduct descriptive analyses of six text-based climate risk indices from published or well-cited papers. In this blog post, we highlight the differences and commonalities across these indices.

Keywords: climate; climate risk; climate risk index; textual analysis (search for similar items in EconPapers)
JEL-codes: C1 G1 G2 G3 (search for similar items in EconPapers)
Date: 2024-10-07
New Economics Papers: this item is included in nep-agr, nep-ban and nep-env
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