OAFP 8065 - Central Banks, finance and the climate crisis

Over the last few decades, central banks have considerably expanded their influence in macroeconomic governance. This development has attracted substantial criticism, as it occurred largely without change in their legal mandates. The first aim of this course will be to study this shift, placing it in historical perspective in order to reach a detailed understanding of the current situation. In doing so, we will examine the evolving nature of monetary policy instruments, the changing relationship between central banks and the state, and the different missions that these institutions have assumed over time and place.

The second goal of this course is to better comprehend the intricate relationship between finance and the climate crisis. On one hand, there has been increasing awareness that climate-related dynamics could negatively affect financial stability as well as price stability. On the other hand, finance has been increasingly politicized as a potential new arena for climate policy, considering its ability to shape future emission pathways. At the core of this nexus stand central banks, whose hierarchical position gives important power, but which face democratic and technocratic constraints to meet this challenge.

Our third goal is to explore how the climate awakening of these institutions came about, unraveling its political and organizational drivers. Despite the recent integration of climate-related concerns in most central banks, green central banking policies still vary greatly across countries, both in terms of instruments, objectives and ambition. We will reflect on the conditions under which these new efforts could be effective in facilitating climate stabilization, but also to what extent they could create - or facilitate - a paradigm shift regarding the role of central banks in financial governance.
Jérôme DEYRIS
Enseignement électif
English
Considering this is an elective class, the workload will be kept modest. Before each class, I expect students to read one of the suggested readings. Active participation will be required during the class to discuss what you read. Apart from this, you will have to prepare at least one 10min presentation on the basis of more extended readings on a specific topic of your choice ; and hand a short written essay at the end of the semester.
None.
Autumn 2025-2026
Participation [10%]. Ten percent of your mark will be determined by your overall engagement and participation in class, as well as attendance.

Presentation [30%]. Thirty percent of your mark will be determined by an oral presentation of approximately 10 minutes on a topic of your choice, followed by 5 minutes of discussion. The topic may or may not be one of those suggested below, provided it has been validated. For each session, I have provided what I believe to be useful references for entering the literature, but you are welcome to use other references. A slide deck is not required. Presentations will begin in the third week. Depending on the number of places available, it may be possible to present a second topic later in the semester in order to improve your grade.

Written Essay [60%]. Sixty percent of your mark will be determined by a written essay of around 2,500 words excluding bibliography. I suggest you pick the same topic as your presentation, but you do not have to. The essay should provide a critical and balanced discussion of the issue while mobilizing the academic literature in political science and economics. Again, I provide what I believe to be useful references for each topic below as entry points in the literature.
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