Event study estimates for the carbon price announcement on the loan interest rates:

The results highlight household finance as a key new transmission channel of climate policy.

Further findings include:
1️⃣ Banks also shorten loan maturity, reduce amounts, and shift to linear repayments.
2️⃣ Households choose more fuel-efficient new cars.
3️⃣ Captive banks respond more strongly than commercial banks.
4️⃣ Collateral and default risk channels jointly explain these adjustments.

Exploiting cross-country variation within the same car models with a DiD design, we find that banks respond to Germany’s carbon price announcement by raising interest rates by 0.5 percentage points, with larger increases for loans on fuel-intensive vehicles and for longer maturities.

We study the impact of carbon pricing on household finance using 3.2 million observations of loans for internal combustion engine vehicles.

The results highlight household finance as a key new transmission channel of climate policy.

@pik-potsdam.bsky.social @humboldtuni.bsky.social

Event study estimates for the carbon price announcement on the loan interest rates:

We are excited to announce our new CESifo Working Paper: Carbon Pricing and Household Finance: How Banks Price Transition Risk in Auto Loans.
www.ifo.de/en/cesifo/pu...

Looking forward to this workshop in Berlin. Contact berlin@ifw-kiel.de if you are interested in participation.

What has been the impact of 'Green' financial and monetary policies on the low carbon energy transition?

NEW research, presented in our July 23rd webinar (free!)

Register: www.tickettailor.com/events/uknee...

#EconSky #Green #Policy #Finance #Greenfinance #netzero

PECan-Teamspirit at EAERE 2025 🙌
Maria Zioga, @philipfliegel.bsky.social , Marc-Philip Bohnet, @achimhagen.bsky.social , @lukasrischen.bsky.social

#Teamwork
#Networking

If you're attending as well, we’d love to meet—come find us at our sessions or reach out! We are looking forward to the discussions and inspiring new ideas and insights. 💡
7/7
@nhhecon.bsky.social @humboldtuni.bsky.social @pik-potsdam.bsky.social

Maria Zioga presents: Evidence and drivers of decoupling economic growth from biodiversity degradation. (joint work with Maximilian Kotz).
#Biodiversity #decoupling
6/7👇

@lukasrischen.bsky.social presents: The Impact of Green Financial and Monetary Policy on the Low-Carbon Energy Transition: Global Empirical Evidence.
#EnergyTransition #GreenFinance
5/7👇

@achimhagen.bsky.social presents: Cooperation, inequality, and equity in the endogenous choice of institutions to provide public goods. (joint work with Lara Bartels and Carlo Gallier).
#EnvironmentalEconomics
4/7👇

@philipfliegel.bsky.social presents: The Impact of Carbon Pricing on the Credit Market: Evidence from securitized loans in the transportation sector. (joint work with Achim Hagen, Nicolas Koch, and Nolan Ritter).
#CarbonPricing
3/7👇

Marc-Philipp Bohnet presents: Not Just Knocking on Wood: The Short- and Long-Term Pricing of Deforestation Risk on Global Financial Markets (joint work with Philip Fliegel and Tycho Tax).
#Deforestation #TransitionRisk
2/7👇

We're excited to be at this year’s #EAERE2025 Conference in beautiful #Bergen, with all researchers from the #PECan Research Group! 🌍

Over the next few days, we’ll be presenting some of our latest work:
1/7👇

We are hiring a student assistant — PECan The junior research group PECan at Humboldt-Universität zu Berlin invites applications for a position as     Student Assistant (40 hours per month) (m/f/d). The successful candidate w...

👉We are hiring a student assistant - come join our team! 👈

The position is scheduled to start in August 2025 - you can find all the details on our website 👇

www.pecan-climate.org/news/we-are-...

PECan Conference Contributions 2025 — PECan The conference season has begun - and PECan is ready to mingle! We had a great start at the Financial Regulation – Going Green workshop hosted by IWH in Halle and   20th Doctorissimes at the ...

The conference season has begun - and PECan is ready to mingle!
Check out which conferences we will be attending and which papers we are presenting.
We are looking forward to connecting with many of you fellow researchers there.

www.pecan-climate.org/news/pecan-c...

“Brown” Risk or “Green” Opportunity? The dynamic pricing of climate transition risk on global financial markets There is mixed evidence about the pricing of climate transition risk on financial markets. I contribute to this debate methodologically by measuring f…

New paper by @philipfliegel.bsky.social in Energy Economics:

Link to the paper: www.sciencedirect.com/science/arti...

New research digest out now on @e-axesforum.bsky.social. We summarize recent studies that help to understand climate policy stringency, effectiveness, and public support.

🎓 Say hello to our newest network member, @achimhagen.bsky.social from @humboldtuni.bsky.social !

Learn more about his work in Energy and Climate Economics🔋🌍: www.pecan-climate.org/achim
More details: www.cesifo.org/en/network-m...

Ciao Bologna! I'm visiting UniBo for the next month, working and exchanging ideas with @nikoecon.bsky.social, @emacampiglio.bsky.social, @atavoni.bsky.social, @sarahspycher.bsky.social and others. Looking forward to it!

Happy to present my new project „Gender differences in sustainable investment preferences under the
Sustainable Finance Disclosure Regulation: A discrete choice
experiment“ at this years AURÖ workshop.

It is joint work with @achimhagen.bsky.social and the @pecan-research.bsky.social group.

Analysis of the electoral impact of German legislation aiming to phase out fossil-fueled heating systems. Main finding: Material costs of the policy, proxied by the characteristics of the local building stock, led to relative gains for the right-wing populist party. By @mkalkuhl.bsky.social et al.

Excited to present at the Political Economics of Environmental Sustainability Conference at Stanford GSB! 🌍💡

Looking forward to two days of insightful discussions on the intersection of politics, economics, and the environment.

Check out the full agenda here:

Trump Orders U.S. Exit From the Paris Agreement on Climate (Gift Article) The United States will be one of only four countries outside the Paris Agreement, which is designed to reduce global greenhouse gas emissions.

Trump pulling out of the Paris Agreement again underscores the need for an international climate agreement that reduces free rider incentives.

Some insights about trade measures to enforce cooperation from my research:

doi.org/10.1016/j.je...

doi.org/10.1016/j.er...

doi.org/10.1016/j.je...

Understanding Climate Transition Risk: A Fresh Framework for Better Measurement — PECan The climate transition poses significant risks for companies, financial institutions, and investors. However, measuring these risks remains a challenge, as existing methods often yield inconsistent re...

How (Not) to Measure Companies' Climate Transition Risk: A Framework and Categorized Literature Review -

Congratulations on the new publication in Corporate Social Responsibility and Environmental Management, Philip Fliegel! 🥳

www.pecan-climate.org/news/underst...

Income Inequality and Political Polarization - RSERC presentation

It was a pleasure to have @waldomarz.bsky.social visiting us @pecan-research.bsky.social @humboldtuni.bsky.social this week for productive collaboration, constructive discussions, and an interesting presentation in the RSERC seminar today.

We hope you enjoyed your stay as much as we did 😊!

@nikoecon.bsky.social