Wednesday, 07th of May 2025, 10.30 am – 12 pm
Emanuele Campiglio (University of Bologna)
“Warning words in a warming world: Central bank communication and climate change”
Abstract: We study climate-related central bank communication using a novel dataset containing 35,487 speeches delivered by 131 central banks from 1986 to 2023. We employ natural language processing techniques to identify and trace the evolution of key climate-related narratives centered around (i) green finance, and (ii) climate-related financial risks. We find that central bank public communication strategies are primarily driven by underlying institutional factors, rather than exposure to climate-related risks. We then study the impact of climate-related communication on financial market dynamics through both a portfolio and a firm-level analysis. We find that equity returns of ‘green’ firms outperform those of ‘dirty’ firms when central banks engage more frequently and intensely with climate-related topics.
Please note that this seminar will take place in a hybrid mode (the seminar will take place at the ACPR 4 Pl. de Budapest, 75009 Paris , and will also be streamed online).
(Free) registration (for both in person or online participation) is compulsory by mail at chaireACPR@acpr.banque-france.fr
If you opt for online participation, the connection details will be sent to you in the following days.
