We use the conditional network connectedness approach of Stenfors et al. (2022) along with its frequency-domain, and tail and dynamic extensions to explore complex linkages among the carbon market, climate policy uncertainty, economic stability, and financial market stability. We focus on whether the carbon market and climate policy uncertainty impact US economic and financial market stability, and how these impacts occur. We identify a dynamic impact of the carbon market on economic and financial market stability, with these impacts varying in different frequency-domains and different quantile levels. Energy consumption and production structures as well as carbon emissions are found to be important mediators for carbon market to affect economic stability, while renewable energy equity is found to be a mediator through which the carbon market affects financial market stability. Further, while the impact of climate policy uncertainty on economic and financial market stability is typically weak, it strengthens under some circumstances, particularly in the long-term frequency-domain, right-tailed, prior to 2020. In these cases, carbon market, energy production structure and financial market stability are found to be weak mediators for climate policy uncertainty to impact economic stability.

中文翻译：

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碳市场和气候政策不确定性对金融和经济稳定的影响：来自连通性网络分析的证据

我们使用 Stenfors 等人的条件网络连通性方法。 （2022）及其频域、尾部和动态扩展，探索碳市场、气候政策不确定性、经济稳定性和金融市场稳定性之间的复杂联系。我们关注碳市场和气候政策的不确定性是否影响美国经济和金融市场的稳定，以及这些影响是如何发生的。我们确定了碳市场对经济和金融市场稳定性的动态影响，这些影响在不同的频域和不同的分位数水平上有所不同。能源消费和生产结构以及碳排放是碳市场影响经济稳定的重要中介，而可再生能源权益则是碳市场影响金融市场稳定的重要中介。此外，虽然气候政策不确定性对经济和金融市场稳定性的影响通常较弱，但在某些情况下会增强，特别是在 2020 年之前的长期频域，右尾。在这些情况下，碳市场，研究发现，能源生产结构和金融市场稳定是气候政策不确定性影响经济稳定的弱中介因素。