Fed has limited tools to combat climate change impact – San Fran Fed paper

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While the effects of climate change are relevant to Federal Reserve policy-making, the Fed is not in a position to act forcefully using its monetary policy, an economic letter from the San Francisco Fed says.

In the letter, Glenn Rudebusch looks at several consequences of climate change that are relevant to central banks’ monetary and financial policies. He suggests that central bank economists could do more to research the hazards of climate change and the appropriate policy response.

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