Climate change and pandemics: which role for central banks and financial regulators in addressing “Green Swans”?

Session chairs:


Paola D’Orazio Ruhr-Universität Bochum

Lilit Popoyan University of “Parthenope”

Alessandro Caiani,   Istituto Universitario di Studi Superiori

Francesco Lamperti Scuola Superiore Sant’Anna and RFF-CMCC


Keywords: agent-based modeling, complexity economics, climate change, pandemics, central banks, climate-related financial policies, green monetary policy, fiscal policy



The COVID-19 pandemic urged policymakers across the globe to seek for fast and efficient policy responses to withstand the adverse effects caused by the emergency. Moreover, it has brought attention to the importance of policy coordination among fiscal, monetary and financial regulatory policy. The health emergency is further sharpened by challenges posed by climate. These decoupled crises characterized by “Green Swans” need a close look by academics and policymakers. Accordingly, they call for additional research through social simulation and computational social science to uncover the governance and policy coordination models that would best enhance the price, output, and climate-related financial stability objectives.

The proposed special track has three aims:

  • To shed light on central banks and regulators’ role in addressing “Green Swans” such as those related to climate change and pandemics.
  • To identify institutional governance models that consider issues related to central banks operational objectives and their independence.
  • To study coordination of monetary, prudential and fiscal policy in the context of low-carbon transition and long-term post-COVID recovery plans.

We highly welcome original theoretical and quantitative works through simulation modelling that formalize such alternative approaches and/them to specific and questions. As we proclaim a lack of integration of the different approaches, or at least a lack of overview, comprehensive review papers that tackle any of the issues mentioned above are also highly welcome.