Climate change matters for monetary policy – RBA’s Debelle

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The more numerous and stronger weather events caused by climate change could have a larger impact on the economy and need to be incorporated into monetary policy analysis, says Guy Debelle, deputy governor of the Reserve Bank of Australia.

In a speech in Sydney on March 12, Debelle reflected on the new challenges posed by climate change in implementing an effective monetary policy.

“The current drought has already reduced farm output by around 6% and total GDP by about 0.15%,” he said. “Even

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