spillovers of monetary policy across conventional and unconventional measures generally conclude that the effects on global financial markets are roughly similar. 14 given the relatively fast recovery of many emes from the crisis, post - crisis monetary accommodation in the united states and other advanced economies created policy see, for example, bernanke ( 2010a, 2010b ). see, for example, d ’ amico and king ( 2013 ) ; gagnon, raskin, remache, and sack ( 2011 ) ; hamilton and wu ( 2012 ) ; and rogers, scotti, and wright ( 2014 ). see neely ( 2011 ) ; fratzscher, lo duca, and straub ( 2013 ) ; rogers, scotti, and wright ( 2014 ) ; and bowman, londono, and sapriza ( 2014 ). also, ahmed and zlate ( 2014 ) show that both conventional and nonconventional u. s. monetary expansion have driven capital flows into emes. see rogers, scotti, and wright ( 2014 ) and chen, filardo, he, and zhu ( 2012 ) for more systematic evidence. see, for example, rogers, scotti, and wright ’ s ( 2014 ) recent event study of central bank announcement effects on sovereign yields in different countries. similarly, earlier work by ehrmann and fratzscher finds larger reactions in euro - area interest rates to u. s. rate changes than vice versa. see, for example, ehrmann and fratzscher ( 2009 ) and hausman and wongswan ( 2011 ). among studies of spillovers from conventional versus unconventional u. s. monetary policy, rogers, scotti, and wright ( 2014 ) report no significant differences in relative announcement effects on advanced foreign economy asset prices and treasury yields ; bowman, londono, and sapriza ( 2014 ) find similar eme asset price responses ; takats and vela ( 2014 ) report mixed results for emes, with a weaker post - 2007 relationship in levels of eme policy rates with u. s. rates but a stronger post - 2008 relationship in levels of five - year yields ; and glick and leduc ( 2013 ) also report similar spillovers to exchange rates. the effects of the bank of england ’ s quantitative easing program on corporate bond yields and sterling exchange rates are similar to predictions from a model estimated over an earlier period by joyce, lasaosa, stevens, and tong ( 2011 )

for release on delivery 11 : 10 a. m. est december 18, 2020 strengthening the financial system to meet the challenge of climate change remarks by lael brainard member board of governors of the federal reserve system at “ the financial system & climate change : a regulatory imperative ” hosted by the center for american progress washington, d. c. december 18, 2020 i want to thank the center for american progress for inviting me to join you in discussing climate change and the u. s. financial system. 1 let me start by noting these are my own views and do not necessarily reflect those of the federal reserve board or the federal open market committee. climate change and the transition to a sustainable economy have important implications for the financial system. the financial system can be a powerful enabler to help the private sector manage climate - related risks and invest in the transition. it is vitally important to strengthen the u. s. financial system to meet the challenge of climate change. meeting the challenge of climate change climate change is one of the major challenges of our time. 2 there is growing evidence that extreme weather events related to climate change are on the rise — droughts, wildfires, hurricanes, and heatwaves are all becoming more common. 3 climate - related events are already adversely affecting the lives of many americans. the economic and financial impacts are also increasingly evident : we are already seeing i am grateful to morgan lewis, beth kiser, carrie johnson, diana hancock, and nami mukasa, as well as norah barger, angelyque campbell, benjamin dennis, carol evans, joseph firschein, michael kiley, molly mahar, nancy riley, glenn rudebusch, john schindler, susan stawick, kevin stiroh, nicholas tabor, and aurite werman of the federal reserve for assistance in preparing this text. see intergovernmental panel on climate change, global warming of 1. 5°c. an ipcc special report on the impacts of global warming of 1. 5°c above pre - industrial levels and related global greenhouse gas emission pathways, in the context of strengthening the global response to the threat of climate change, sustainable development, and efforts to eradicate poverty ( geneva : intergovernmental panel on climate change ), https : / / www. ipcc. ch / sr15 /. see wmo task team, global warming and hurricanes : an overview of current research results ( princeton : geophysical fluid dynamics