ASSET DIVERSIFICATION VERSUS CLIMATE ACTION
研究在全球经济中，绿色与碳密集型部门并存时，资产多样化与气候行动之间的权衡，推导最优碳价、无风险利率和风险溢价，发现气候灾难会降低无风险利率但提高金融资产的风险溢价。
Abstract Asset pricing and climate policy are analyzed in a global economy where consumption goods are produced by both a green and a carbon‐intensive sector. Given that the economy is initially heavily dependent on carbon‐intensive capital, the desire to diversify assets complements the attempt to mitigate economic damages from climate change. In the longer run, however, a trade‐off between diversification and climate action emerges. We derive the optimal carbon price and the equilibrium risk‐free rate, and risk premia. Climate disasters significantly decrease the risk‐free rate but increase risk premia on financial assets, especially if no climate policy is implemented.