 Speeches in the green: The political discourse of green central bankingMartin Feldkircher and Viktoriya Teliha Energy Economics, 2024, vol. 135, issue C Abstract: In this paper, we employ a keyword-assisted topic model to quantify the extent of climate-related communication of central banks. We find evidence for a significant increase in climate-related speeches by central banks, which address the topic mostly in parallel with issues related to financial stability, whereas monetary policy and price stability are less emphasized. Finally, we examine factors that can explain the extent of green communication by central banks. Controlling for macroeconomic and climate-related variables, we identify two external factors that can prompt central banks to increase green communication: First, peer pressure, as measured by membership in Network for Greening the Financial System (NGFS), increases green communication. Second, a high degree of governmental climate engagement, reflected by the scope of national climate policies, correlates positively with central banks’ green communication. Whether the central bank has an implicit or explicit sustainability mandate, however, does not explain the extent of green communication. Keywords: Central banking; Climate change; keyword-assisted topic modeling (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:eneeco:v:135:y:2024:i:c:s0140988324003542 DOI: 10.1016/j.eneco.2024.107646 Access Statistics for this article Energy Economics is currently edited by R. S. J. Tol, Beng Ang, Lance Bachmeier, Perry Sadorsky, Ugur Soytas and J. P. Weyant More articles in Energy Economics from Elsevier |
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