15 August 2024

CRC is delighted to announce that Dr Xudong An, Vice President at the Federal Reserve Bank of Philadelphia, will be presenting his latest research. Pre-registration is required for this free event hosted by CRC.

Dr An will present the findings of his recent working paper, "Extreme Wildfires, Distant Air Pollution, and Household Financial Health". This is a joint work with Stuart A Gabriel (UCLA Anderson School of Management) & Nitzan Tzur-Ilan (Federal Reserve Bank of Dallas). This research uses detailed wildfire burn data, satellite smoke plume data, and ground-level pollution data to estimate the effects of extreme wildfires and related air pollution events on housing and consumer financial behaviour.

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Key insights

  • Increased spending, indebtedness, and loan delinquencies among households exposed to high levels of air pollution, even beyond burn perimeters.
  • A health-related spending channel in explanation of the adverse financial effects.
  • Higher levels of delinquency among renters in burn zones, especially those with lower credit scores.

Dr An's work provides novel evidence on the far-reaching financial impacts of wildfires, affecting both direct burn areas and distant regions impacted by wildfire-attributed air pollution. Don't miss this opportunity to gain insights from Dr An's extensive research and expertise in financial stability, risk management, and consumer finance.