Climate Change Economics

 

Climate Data

Berkeley Earth

Berkeley Earth Data Page

Copernicus Data Aggregator: Berkeley Earth Daily, ERA5 Hourly Data on Single Levels from 1940 to Present Dataset

IRI Climate Data Sources

NOAA Climate Data

National Hurricane Center

International Precipitation Working Group (Data Page) (Products) (Ground Validation)

IRI Climate Data Library

 

World Bank Data

World Bank Climate Data

Gridded Cell Population Data

Gridded Global Dataset Documentation

Google Earth Engine Data Catalog

ERA5 Google Earth Engine Sample Java Script

 

Palmer Drought Severity Index (USA)

 

Our World In Data Online

Google Earth Engine

Terra Climate from Google Earth Engine (Monthly) and Description

Google Earth Engine--University of Idaho. Climate and Water Balance

 

Setting the Agenda in Research

Eight Priorities for Calculating the SCC. Wagner et al. 25 Feb. 2021 Nature.

Daly, Mary “Why Climate Change Matters to US (the Fed)”.

 

Economics and Finance of Climate Change

Toan Phan’s climate web site

FRBSF Climate Conference

 

DICE, FUND, PACE, Page

Nordhaus DICE/RICE

PACE model description

Anthoff, David and Richard S.J. Tol, Technical Description of the FUND (Climate Framework for Uncertainty, Negotiation and Distribution) version 3.9.

Page model

Page model description

 

Some New Reads

·      Burke, Marshall and Vincent Tanutama, “Climatic Constraints on Aggregate Economic Output,” NBER WP 25779. Highlights

·      Casey, Gregory, Stephie Fried and Ethan Goode. “ Projecting the Impact of Rising Temperatures: The role of Macroeconomic Dynamics,” IMF Economic Review, (2023). Highlights.

·      Kiley, Michael T.”Growth at Risk from Climate Change,” (2023) mimeo, Federal Reserve Board. Highlights

·      Colombo, Daniele and Laurent Ferrara. “Dynamic effects of weather shocks on production in European economies,” mimeo, London Business School, Skema Business School. (2023). Highlights

·      Newell, Richard G., Brian C. Prest, and Steven E. Sexton. “The GDP-Temperature relationship: Implications for Climate change damages,” JEEM, (2021). Highlights

·      Bryne, Joseph P. and Prince Asare Vitenu-Sackey, “The Macroeconomic Impact of Global and Country-Specific Climate Risk,” Environmental and Resource Economics. Highlights

·      Bilal, Adrien and Diego R. Kanzig. “The Macroeconomic Impact of Climate Change: Global vs. Local Temperature,” NBER WP32450.  Highlights

·      Wing, De Cian, and Mistry. “Global Vulnerability of Crop Yields to Climate Change,” Journal of Environmental Economics and management, 2021.Highlights

·      Park, R. Jisung. “ Hot Temperature and High-Stakes Performance,” Journal of Human Resources, 2022.

·      Heutel, Miller, and Molitor. “Adaptation and the Mortality Effects of Temperature Across U.S. Climate Regions,” REStats, 2021. Highlights

·      Arkolakis and Walsh. “Clean Growth,” NBER WP 31615, August 2023.

·      Bauer, Offner, and Rudebusch.”The Effect of U.S. Climate Policy on Financial markets: An Event Study of the Inflation Reduction Act,” SF Fed mimeo WP 2023-30. September 2023. Highlights

·      Mukherjee and Sanders. “The Causal Effect of Heat on Violence: Social Implications of Unmitigated Heat Among the Incarcerated, NBER WP 28987, July 2021

·       Burke, Hsiang, and Miguel. “Climate and Conflict,” Annual Reviews, 2015.

·      Kanzig and Konradt”Climate Policy and the Economy: Evidence from Europe’s Carbon Pricing Initiatives,” NBER WP 31260, May 2023. Highlights.

·      Bistline, Mehrontra, and Wolfram.”Economic Implications of the Climate Provisions of the Inflation Reduction Act,” NBER WP 31267, May 2023.

·      Lohawala, Nafisa. “Roadblock or Accelerator? The Effect of Electric Vehicle Subsidy Elimination,” RFF WP 23-13, May2023. Maybe good for climate class

·      Kalkuhl and Wenz.”The impact of climate conditions on economic production. Evidence from a global panel of regions” Journal of Environmental Economics and Management, 2020.

·      Rajan and Ramcharan. “Finance and Climate Resilience: Evidence from the Long 1950s US Drought,” NBER WP 31356, June 2023.

·      Qiu, Li, Gould, Jing, Kelp, Childs, Kiang, Heft-Neal, Diffenbaugh, and Marshall Burke. “Mortality Burden from Wildfire Smoke under Climate Change, NBER WP 32307, April 2024.

·      Baylis, Patrick.”Temeprature and Temperament: Evidence from Twitter,” Journal of Public Economics, 2020.

·      Cipollini and Parla,”Temperature and Growth: a Panel Mixed Frequency VAR Analysis using NUTS2 Data, Feb 2023.

·      Heilmann and Kahn. “The Urban Crime and Heat Gradient in High and Low Poverty Areas,” NBER WP 25961, June 2019.

·      Mumtaz and Marotta. “Vulnerability to Climate Change: Evidence from a Dynamic Factor Model”, July 2023.

·      Burgess, Deschenes, Donaldson, and Greenstone. “Weather, Climate Change and Death in India,” mimeo, April 20, 2017.

·      Henderson, Jang, Storeygard and Weil. “Climate Change, Population Growth, and Population Pressure,” NBER WP 32145, Feb 2024. 

 

Climate Science Basics

·      Hsiang, Solomon and Robert E. Kopp, “An Economist’s Guide to Climate Change Science,” Journal of Economic Perspectives, Fall 2018, 32(4), 3-12. Highlights

·      Hsiang, Solomon, 2016. “Climate Econometrics,” Annual Review of Resource Economics, 8: 43-75.

 

Intergovernmental Assessment

Collins, M., R. Knutti, J. Arblaster, J.-L. Dufresne, T. Fichefet, P. Friedlingstein, X. Gao, W.J. Gutowski, T. Johns, G. Krinner, M. Shongwe, C. Tebaldi, A.J. Weaver and M. Wehner, 2013: In: Climate Change 2013: The Physical Science Basis. Contribution of Working Group I to the Fifth Assessment Report of the Intergovernmental Panel on Climate Change [Stocker, T.F., D. Qin, G.-K. Plattner, M. Tignor, S.K. Allen, J. Boschung, A. Nauels, Y. Xia, V. Bex and P.M. Midgley (eds.)]. Cambridge University Press, Cambridge, United Kingdom and New York, NY, USA.

 

Survey Articles

·      Auffhammer, Maximilian, (2018). “Quantifying Economic Damages from Climate Change,” Journal of Economic Perspectives, 32:4, 33-52. Highlights

·      Carleton, Tamma A. and Solomon M. Hsiang, “Social and Economic Impacts of Climate,” Science, 2018.

·      Dell,Melissa, Benjamin F. Jones, and Benjamin A. Olken,  “What Do We Learn fron the Weather? The New Climate-Economy Literature,” Journal of Economic Literature, 2014, 52(3), 740-798. Highlights

·      Heal, G. and J. Park, (2016). “Temperature Stress and Direct Impact of Climate Change: A Review of an Emerging Literature,” Review of Environmental Economics and Policy, 10, 347-362. Highlights

·      Keen, Steve, Timothy M. Lenton, Antoine Godin, Devrim Yilmaz, Matheus Grasselli and Timothy J. Garrett, 2021, mimeo.  “Economists’ Erroneous Estimates of Damages from Climate Change.”

·      Stanford Institute for Economic Policy Research, “Ten Facts about the Economics of Climate Change and Climate Policy”

·      Stern, Nicholas, “The Economics of Climate Change,” American Economic Review: Papers & Proceedings, 2008, 98:2, 1-37. The Richard T. Ely Lecture

·      Tol, Richard SJ (2009), “The economic effects of climate change.” The Journal of Economic Perspectives, 23, 29–51. Highlights

·      Tol, Richard SJ (2018), “The Economic Impacts of Climate Change,” Review of Environmental Economics and Policy, 12:1, 4-25.

 

Emission Reduction

·      GIllingham,Kenneth and James H. Stock, “The Cost of Reducing Greenhouse Gas Emissions,” Journal of Economic Perspectives, Fall 2018, 32(4), 53-72.

·      Banares-Sanchez, Ignacio, Robin Burgess, David Laszlo, Pol Simpson, John Van reenen, and Yifan Wang, 2023. “Ray of Hope? China and the rise of Solar Energy”. Mimeo, LSE.

 

 

Uncertainty in Climate Change Economics

·      Anthoff and Tol, “Testing the Dismal Theorem,” CESifo wp 8939.

·      Barnett, Michael, William Brock, and Lars P. Hansen. “Pricing Uncertainty Induced by Climate Change” Review of Economic Studies, 2020.

·      Barnett, Michael, William Brock, and Lars P. Hansen, “Climate Change Uncertainty Spillover in the Macroeconomy,” NBER WP 29064, July 2021.

·      Donadelli, Michael, Marcus Juppner, and Sergio Vergalli, June 2021. “Temperature Variability and the Macroeconomy: A World Tour,” Environmental and Resource Economics. Highlights

·      Donadelli, Michael, Marcus Juppner, Antonio Paradiso, and Christian Schlag, “Computing Macro-Effects and Welfare Costs of Temperature Volatility: A Structural Approach,” Computational Economics  (2021) 58:347-394.

·      Weitzman, Martin, 2014, “Fat Tails and the Social Cost of Carbon”, AER papers and proceedings.

·      Weitzman, Martin L. 2009. “On Modeling and Interpreting the Economics of Catastropic Climate Change,” Review of Economics and Statistics.

 

 

 

Integrated Assessment Models, Estimating Damages and the Social Cost of Carbon.

·      Acemoglu, Daron, Ufuk Akcigit, Douglas Hanley, and William Kerr, 2016. “Transition to Clean Technology,” Journal of Political Economy, 124(1), 52-104.

·      Alvarez, Jose Luis Cruz and Esteban Rossi-Hansberg, “The Economic Geography of Global Warming,” NBER working paper 28466, Feb. 2021.

·      Cai, Yongyang and Thomas S. Lontzek, 2019. “The Social Cost of Carbon with Economic and Climate Risks,” Journal of Political Economy, 127, 2684-2734.

·      Dietz, Simon, Frederic van der Ploeg, Armon Rezai, Frank Venmans, 2020. “Are Economists Getting Climate Dynamics Right and Does it Matter?” cesifo working paper 8122.

·      Donadelli, Michael, M. Juppner, M. Riedel, and C. Schlag, “Temperature Shocks and Welfare Costs”, Journal of Economic Dynamics & Control,  82 (2017) 331-355. Highlights

·      Faulwasser, Timm, Christopher M. Kellett and Steven R. Weller, “MPC-DICE: An Open-Source Matlab Implementaion of Receeding Horizon Solutions to DICE,” IFAC Papers Online, 51-5 (2018) 120-125. (Matlab files in MPC-DICE-master folder)

·      Fernando, Roshen,Weifeng Liu, and Warrick J. Mckibben, “Global Economic Impacts of Climate Shocks, Climate Policy and Changes in Climate Risk Assessment”, Brookings Discussion Paper, March 27, 2021. Note: IAM based on deterministic G-Cubed multi-country multi-sector model. Also contains interesting empirical work, extensive references.

·      Gillingham, Kenneth, William Nordhaus, David Anthoff, Geoffrey Blanford, Valentina Bosetti, Peter Christensen, Haewon McJeon, John Reilly, and Paul Sztorc, (2015). “Modeling Uncertainty in Climate Change: A Multi-Model Comparison.

·      Gollier, Christian. “The Cost-Efficiency Carbon Pricing Puzzle,”  mimeo, Toulouse School of Economics, 2020.

·      Golosov, Mikhail, John Hassler, Per Krusell and Aleh Tsyvinski, “Optimal Taxes on Fossil Fuel in General Equilibrium,” Econometrica,  2014.

·      Hambel, Hambel, Christoph and Kraft, Holger and Schwartz, Eduardo S., The Social Cost of Carbon in a Non-Cooperative World (December 19, 2019). Available at SSRN: https://ssrn.com/abstract=3418249 or http://dx.doi.org/10.2139/ssrn.3418249

·      Heal, Geoffrey, 2009. "Climate Economics: A Meta-Review and Some Suggestions for Future Research," Review of Environmental Economics and Policy, Oxford University Press for Association of Environmental and Resource Economists, vol. 3(1), pages 4-21, Winter.

·      Hassler, John and Per Krusell “Economics and Climate Change: Integrated Assessment in a Multi-Region World,” Journal of the European Economic Association, 2012.

·      Hassler, John, Per Krusell, and Conny Olovsson, “The Consequences of Uncertainty: Climate Sensitivity and Economic Sensitivity to the Climate” Annual Review of Economics, 10: 189-205 (2018).

·      Hassler, John, Per Krusell, Conny Olovsson, and Michael Reiter, “Integrated Assessment in a Multi-region World with Multiple Energy Sources and Endogenous Technical Change,” (mimeo), 2019.

·      Ikefuji, Masako, Roger J.A. Laeven, Jan R. Magnus and Chris Muris, “Dice Simplified,” mimeo, 2019.

·      Ikefuji, Masako, Roger J.A. Laeven, Jan R. Magnus, Chris Muris, (2020). “Expected Utility and Catastrophic Risk in a Stochastic Economy-Climate Model,” Journal of Econometrics, 214, 110-129.

·      Li et al. (2016) “Robust dynamic energy use and climate change,” Quantitative Economics

·      Nordhaus, William D. (1991). “To Slow or Not to slow: The Economics of the Greenhouse Effect,” Economic Journal, 101, 920-937.

·      Nordhaus, William D. (2010). “Economic Aspects of Global Warming in a Post-Copenhagen Environment,” PNAS

·      Nordhaus, William D., 2017. Evolution of Assessments of the Economics of global Changes in the Dice Model, 1992-2017.

·      Nordhaus William and Zili Yang “A Regional Dynamic General-Equilibrium Model of Alternative Climate-Change Strategies”, American Economic Review, 1996. (Highlights)

·      Nordhaus, William D., (2017). “Revisiting the Social Cost of Carbon,” PNAS

·      Pindyck, Robert S. “What We Know and Don’t Know about Climate Change, and Implications for Policy,” 2020. NBER WP 27304

·      Pindyke, Robert S, (2019). “The Social Cost of Carbon Revisited,” Journal of Environmental Economics and Management, 94: 140-160.

·      Ricke, Katherine, Laurent Drounet, Ken Calderia, Massimo Tavoni, “Country-level social cost of carbon,” Nature Climate Change, vol 8, October 2018, 895-900.  Supplementary Materials, and Author Corrections

·      Tol, Richard. “A Social Cost of Carbon for (almost) Every Country,” Energy Economics, 2019, 83: 555-556.

·      Traeger,Christian. “A 4-Stated DICE: Quantitatively Assessing Uncertainty Effects in Climate Change,” Environmental and Resource Economics.

·      Delavane Diaz and Klaus Keller, “A Potential Disintegration of the West Antarctic Ice Sheet: Implications for Economic Analyses of Climate Policy,” AER Papers and Proceedings, 2016

 

 

 

Empirical Research on Temperature and Macroeconomic Activity/Damages: International

·      Acevedo, Sebastian,Mico Mrkaic, Natalija Novta, Evgenia Pugacheva, and Petia Topalova. 2020. “The Effects of Weather Shocks on Economic Activity: What are the Channels of Impact?”, Journal of Macroeconomics, 65, 103207. Highlights 

·      Akyapi, Berkay ,  Matthieu Bellon, and Emanuele Massetti, “Estimating Macro-Fiscal Effects of Climate Shocks From Billions of Geospatial Weather Observations,” IMF working paper July 2022.  Highlights

·      Burke, Marshall, Solomon M. Hsiang, and Edward Miguel. "Global Non-Linear Effect of Temperature on Economic Production," Nature, November 2015, 527. Highlights, Supplementary Materials, Paper's web site

·      Dell, Melissa, Benjamin F. Jones, and Benjamin A. Olken, (2009). “Temperature and Income: Reconciling New Cross-Sectional and Panel Estimates,” AER, May. Highlights

·      Dell, Melissa, Benjamin F. Jones, and Benjamin A. Olken, “Temperature Shocks and Economic Growth: Evidence from the Last Half Century,” American Economic Journal: Macroeconomics, 2012, 4:66-95. Highlights.

·      Hensler, Martin and Ingmar Schumacher, (2019). “The Impact of Weather on Economic Growth and its Production Factors,” Climate Change, 154:417-433. Highlights

·      Hsiang, Solomon M. “Temperatures and Cyclones Strongly Associated With Economic Production in the Caribbean and Central America,” PNAS, 2010. Supplementary Information (the actual paper)

·      Hsiang, Solomon M. and Amir Jina. “The Causal Effect of Environmental Catastrophe on Long-Run Economic Growth: Evidence from 6,700 Cyclones,” NBER WP 20352, July 2014.

·      Kahn, Matthew E., Kamiar Mohaddesby, Ryan N. C. Ng, M. Hashem Pesaran, Mehdi Raissi and Jui-Chung Yangal. “Long-Term Macroeconomic Effects of Climate Change: A Cross-Country Analysis,” mimeo, University of Cambridge, UK. Highlights

·      Letta, Marco and Richard S. Tol, (2018). “Weather, Climate and Total Factor Productivity,” Environmental Resource Economics, 73:283-305. Highlights

·      Lemoine, Derek. “Estimating the Consequences of Climate Change from Variation in Weather,” mimeo, University of Arizona, May 2020.

·      Miller, Steve, Kenn Chua, Jay Coggins, and Hamid Mohtadi, “Heat Waves, Climate Change, and Economic Output,”  Journal of the European Economic Association, forthcoming.

·      Newell, Richard G., Brian C. Prest, and Steven E. Sexton “The GDP-Temperature Relationship: Implications for Climate Change Damages,” Journal of Environmental Economics and Management, 2021.  The Journal Version

·      Olper, Alessandro, Maurizio Maugeri, Veronica Manara, Valentina Raimondi. “Weather, Climate and Economic Outcomes: Evidence from Italy”, Ecological Economics, 189,(2021). Highlights

·      Tol, Richard. “The economic impact of weather and climate,” mimeo, 2020. (stochastic frontier analysis)

·      Tol, Richard S J, “The Distributional Impact of Climate Change,” Annals of the New York Academy of Sciences, pp.1-13. 2020.

·      Waldinger, Maria (2022), “The Economic Effects of Long-Term Climate Change: Evidence from the Little Ice Age,” Journal of Political Economy

·      Nath, Ishan B., Valerie A. Ramey, and Peter J. Klenow. “How Much Will Global Warming Cool Global Growth?” (2023), mimeo, FRBSF, U.C. San Diego, Stanford University. Highlights.

 

Labor Productivity Mechanism

·      Cai, Xiqian, Yi Lu, and Jin Wang, “The Impact of Temperature on Manufacturing Worker Productivity: Evidence from Personnel Data,” Journal of Comparative Economics, 46: 889-905, (2018)

·      Cachon, Gerald P., Santiago Gallino, and Marcelo Olivares, “Severe Weather and Automobile Assembly Productivity,” mimeo, SSRN working paper.

·      Cook, Nikolai and Anthony Heyes, “Brain freeze: outdoor cold and indoor cognitive performance,”  Journal of Environmental Economics and Management, 101, 2020, 1-26.

·      Jessoe, Katrina, Dale T. Manning and J. Edward Taylor, “Climate Change and Labor Allocation in Rural Mexico: Evidence from Annual Fluctuations in Weather”  Economic Journal, 128, 230-261, (2018).

·      Park, R. Jisung, Joshua Goodman, Michael Hurwitz, and Jonathan Smith, (2020). “Heat and Learning,” American Economic Journal: Economnic Policy,  12,306-339.

·      Somanathan, et al. (2021) “The Impact of Temperature on Productivity and Labor Supply: Evidence from Indian Manufacturing,” Journal of Political Economy

·      Zander, Kerstin, Wouter J. W. Botzen, Elspeth Oppermann, Tord Kjellstrom, Stephen T. Garnett, (2015). “Heat Stress Causes Substantial Labour Productivity Loss in Australia,” Nature Climate Change.

·      Zivin, Joshua Graff and Matthew Neidell, “Temperature and the Allocation of Time: Implications for Climate Change”, Journal of Labor Economics 32(1): 1-26, 2014.

 

 

 

The Agricultural Mechanism

·      Anthony C. Fisher, W. Michael Hanemann, Michael J. Roberts and Wolfram Schlenker, Comment on Deschenes and Greenstone. “The Economic Impacts of Climate Change: Evidence from  Agricultural Output and Random Fluctuations in Weather: Comment.” AER, 2012.

·      Deschenes and Greenstone, “The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather,” AER, 2007.

·      Deschenes and Greenstone “The Economic Impacts of Climate Change: Evidence from Agricultural Output: Reply 2012.

·      Deschenes and Greenstone “Climate Change, Mortality, and Adaption: Evidence from Annual Fluctuations in Weather in the US,” AEJ: Applied 2011.

·      Dietz, Simon and Bruno Lanz “Can a Growing World be Fed when the Climate is Changing?” University of Neuchatel Institute of Economic Research IRENE WP 19-09.

·      Nath, Ishan. “The Food Problem and Aggregate Productivity Consequences of Climate Change,”  mimeo, University of Chicago, 2022.

·      Costinot, Arnaud, Dave Donaldson and Cory Smith, 2016. “Evolving Comparative Advantage and the Impact of Climate Change in Agricultural Markets,” JPE

 

Tourism Channel

·      Chan, Nathan W. and Casey J. Wichman, “Climate Change and Recreation: Evidence from North American Cycling,”  Environmental and Resource Economics (2020) 76: 119-151.

 

Empirical Research on Temperature and Macroeconomic Activity/Damages: United States

·      BernEstein, Asaf, Matthew Gustafson, and Ryan Lewis, “Disaster on the Horizon: The Price of Sea Level Rise,” mimeo, 2018

·      Colacito, Riccardo, Bridget Hoffmann, and Toan Phan "Temperature and Growth: A Panel Analysis of the United States," Journal of Money, Credit, and Banking, 2019, 51: 313-368. Highlights

·      Deryugina, Tatyana, and Solomon Hsiang. “Does the Environment Still Matter? Daily Temperature and Income in the United States,” NBER wp 20740, 2014. Highlights

·      Deschenes, Greenstone and Guryan, “Climate Change and Birth Weight, AERPP 2009.

·      Hsiang, Solomon, Robert Kopp, Amir Jina, James Rising, Michael Delgado, Shashank Mohan,D. J. Rasmussen, Robert Muir-Wood, Paul Wilson, Michael Oppenheimer, Kate Larsen,Trevor Houser. “Estimating Economic Damage from Climate Change in the United States,” Science, 2017, 345:1362-1369. Highlights, and supplementary materials (i.e., the actual paper)

·      Kim,Hee Soo, Christian Matthes, and Toan Phan, 2021. “Extreme Weather and the Macroeconomy.” Mimeo.  Highlights

·      Karlsson, Jimmy, 2021. “Temperature and Exports: Evidence from the United States,” Environmental and Resource Economics.  Highlights

·      Mullins, Jamie T. and Prashant Bharadwag, “Weather, Climate, and Migration in the United States,” NBER WP 28614, March 2021.

·      Roth Tran, Brigitte, and Daniel J. Wilson, 2023.” The Local Economic Impact of Natural Disasters,” mimeo,  FRBSF

·      Roth Tran, Brigitte 2022.” Sellin’ in the Rain: Weather, Climate, and Retail Sales.”  Mimeo, FRBSF

·      Wilson, Daniel J. 2017. “The Impact of Weather on Local Employment: Using Big Data on Small Places,” mimeo, FRBSF.

·      Bilal, Adrien and Esteban Rossi-Hansberg, 2023. “Anticipating Climate Change Across the United States.” NBER wp 31323.

·      Bloesch, Justin and Francois Gourio.”The effect of winter weather on U.S. economic activity,” Economic Perspectives,  1Q 2015. Highlights

·      Leduc, Sylvain and Daniel J. Wilson. “Climate Change and the Geography of the U.S. Economy,” FRBSF working paper 2023—17. Highlights

 

 

Extreme Weather Events

·      Bakkason and Barrage (2018) “Climate Shocks, Cyclones, and Economic Growth: Bridging the Micro-Macro Gap” (conditionally accepted at EJ). Highlights

 

 

Finance and Climate

·      Balachandran, Balasingham and Justin Hung Nguyen, “Does carbon risk matter in firm dividend policy? Evidence from a quasi-natural experiment in an imputation environment,” Journal of Banking and Finance, 2018.

·      Bansal, Ravi and Marcelo Ochoa (2011) “Temperature, Aggregate Risk, and Expected Returns” NBER WP no. 17575.

·       Bansal, Ravi, Dana Kiku, and Marcelo Ochoa, (2016) “What Do Capital Markets Tell Us About Climate Change?” (mimeo) Highlights

·      Bansal, Ravi, Dana Kiku, and Marcelo Ocha, (2016). “Climate Change and Growth Risks,” (mimeo) Highlights

·      Bolton, Patrick and Marcin Kacperczyk. “Do Investors Care about Carbon Risk?” NBER WP 26968, April 2020.

·      Cevik, Serhan and Joao Tovar Jalles “Feeling the Heat: Climate Shocks and Credit Ratings,” IMF Working Paper.

·      Daniel, Kent D., Robert B. Litterman, and Gernot Wagner, 2015. “Applying Asset Pricing Theory to Calibrate the Price of Climate Risk, (mimeo).

·      Giglio, Kelly, and Stroebel, “Climate Finance”, NBER WP no. 28226, December 2020

·      Gorgen, Maximilian, Andrea Jacob, Martin Nerlinger, Ryan Riordan, Martin Rohleder, Macro Wilkens. “Carbon Risk” mimeo,  June 2019. 

·      de Haan, Marien, Lammertjan Dam, and Bert Scholtens. “The Drivers of the Relationship between Corporate Environmental Performance and Stock Market Returns,” Journal of Sustainable Finance, 2012.

·      Hong, Harrison, Frank Weikai Li, and Jiangmin Xu, 2019. “Climate Risks and Market Efficiency,” Journal of Econometrics, 208: 254-281. Highlights

·      Mehra, Rajnish. “Asset Pricing Implications of Macroeconomic Interventions: An Application to Climate Policy,” NBER WP 19146, 2013.

 

 

Adaptation

·      Barrea, et al. (2016) “Adapting to Climate Change: The RemarkableDecline in the US Temperature-MortalityRelationship over the Twentieth Century,” Journal of Political Economy

·      Barreca et al. (2015). “Convergence in adaptation to climate change: evidence from high temperatures and mortality, 1900 -- 2004.” AEA papers and proceedings.

·       Burke, Marshall and Kyle Emerick, 2016. “Adaptation to Climate Change: Evidence from US Agriculture,” American Economic Journal: Economic Policy, 8(3): 106-140. Highlights

·      Behrer, A. Patrick and Jisung Park, “Will We Adapt? Termperature, Labor and Adaptation to Climate Change,” 2017, mimeo, Harvard University. Highlights

·      Bento, Antonio, Noah Miller, Mehreen Mookerjee, and Edson Severnini, “Time is of the Essence: Climate Adaption Induced by  Existing Institutions,” NBER WP No. 28783.

·      Beher and Park “Will We Adapt? Temperature, Labor and Adaptation to Climate Change,”  (mimeo)

·      Choi, Darwin, Zhenyu Gao and Wenxi Jiang. “Attention to Global Warming,” mimeo, July 2019.

·      de Bandt, Olivier, Luc Jacolin, and Thibault Lemaire. “Climate Change in Developing Countries: Global Warming Effects, Transmission Channels and Adaptation Policies,” Bank of France WP 822, July 2021. Highlights

·      Rudik, Ivan, Gary Lyn, Weiliang Tan and Ariel Ortiz-Bobea.  “Heterogeneity and Market Adaption to Climate Change in Dynamic-Spatial Equilibrium, mimeo, June 2021. Highlights

·      Rudik, Ivan, Gary Lyn, Weiliang Tan, and Ariel Ortiz-Bobea, June 2021. “Heterogeneity and Market Adaptation to Climate Change in Dynamic-Spatial Equilibrium,” mimeo. Hightlights

·      Sanders, Nicholas J. and Alan J. Barreca, “Adaptation to Environmental Change: Agriculture and the Unexpected Incidence of the Acid Rain Problem,” AEJ: Policy, 2022.

 

Other Empirical Work

 

Carbon Taxes and Trading Permits

·      Gilbert E. Metcalf and James H. Stock, “The Macroeconomic Impact of Europe’s Carbon Taxes,” NBER WP 27488, (2020).

·      Gillingham, Kenneth, Marten Ovaere, and Stephanie M. Weber, “Carbon Policy and the Emissions Implications of Electric Vehicles,” NBER WP 28620, 2021.

·      Oestreich, A. Marcel and Ilias Tsiakas, “Carbon Emissions and Stock Returns: Evidence from the EU Emissions Trading Scheme,” Journal of Banking and Finance, 2015.

·      Prest, Brian and James Stock, “Climate Royalty Surcharges,” NBER WP 28564 (2021).

·      Shapiro, Alan Finkelstein and Gilbert E. Metcalf, “The Macroeconomic Effects of a Carbon Tax to meet the U.S. Paris Agreement Target: The Role of Firm Creation and Technology Adoption,” NBER wp28975, May 2021

 

Climate Policy

·      Fried, Stephie,  Kevin Novan, and William B. Peterman. “The Systematic Risk of Climate Policy”, mimeo Nov. 2019.

·      Zechhauser, Richard and Joseph e. Aldy. “Three Prongs for Prudent Climate Policy,” NBER WP 26991, April 2020.

·      Farrokhi, Farid and Ahmad Lashkaripour. “Can Trade Policy Mitigate Climate Change?” mimeo, Purdue University.

 

 

Stranded Assets

·      Barnett, Michael, (2019). “A Run on Oil: Climate Policy, Stranded Assets, and Asset Prices,” (mimeo)

 

Beneficiaries and Payers of Climate Change

·      Hope_2006.pdf

·      Maddison_2003.pdf. (Highlights)

·      Mendelsohn_Schlessinger_Williams_2000 (Regional Damage Assessments)

·      Tol2002_Article_EstimatesOfTheDamageCostsOfCli.pdf

·      Tol2002_Article_EstimatesOfTheDamageCostsOfCli-2.pdf

·      Rehdanz_Maddision_2005.pdf (Highlights)

 

Things to Read

·      Michael T. Kiley. Growth Risk from Climate Change

·       Kortum_Weisbach Optimal Unilateral Carbon Policy

·      DeCanio, Stephen J., Charles F. Manski adn Alan H. Sanstad. Minimax-regret Climate Policy with Deep Uncertainty in Climate Modeling and Intergenerational Discounting

·      Matteo Ciccarelli, Fulvia Marotta. Demand or supply? An empirical exploration of the effects of climate change on the macroeconomy

·       Stroebel, Johannes and Jeffrey Wurgler. What Do You Think about Climate Finance?

·      Xin Sheng, Rangan Gupta and Oğuzhan Çepni The Effects of Climate Risks on Economic Activity in a Panel of US States: The Role of Uncertainty

·      Bonato, Matteo, Oguzhan Cepni, Rangan Gupta, and Christian Pierdzioch Climate Risks and Realized Volatility of Major Commodity Currency Exchange Rates

 

Other related documents

·      Caporale, Guglielmo Maria, Luis A. Gil-Alana, and Larua Sauci. “US Sea Level Data: Time Trends and Persistence,”  CESifo WP 8274, March 2020.

·      Pretis, Felix, “Exogeneity in Climate Econometrics,” Working Paper, University of Oxford, Department of Economics.

·      Stavins, Robert N. “The Problem of the Commons: Still Unsettled after 100 Years”, AER 2011.

 

Local Projections

·      Jorda, Oscar, “Estimation and Inference of Impulse Responses by Local Projections,” American Economic Review, 2005.

·      Jorda, Oscar, “Local Projections for Applied Economics,” Annual Review of Economics, 2023.

·      Li, Dake, Mikkel Plagborg-Moller, and Christian K. Wolf, “Local Projections vs. VARs: Lessons from Thousands of DGPs” Journal of Econometrics.

·       Plagborg‐Møller and Wolf. “Local Projections and VARS estimate the same impulse responses.” Econometrica, 2021.

·      Olea and Plaborg-Moller. “Local Projection Inference is Simpler and More Robust Than You Think,” Econometrica, 2021.

·      Olea, Plabortg-Moller, Qian, and Wolf. “Double Robustness of Local Projections and Some Unpleasant VARithmitic,” mimeo, May 2024.

·      Baillie, Diebold, Kapetanious, Kim, and Mora. “On Robust Inference in Time Series Regression,” NBER WP 32554, June 2024.

·      Barnichon and Brownless, (2019) “Impulse Response Estimation by Smooth Local Projections,” Review of Economics and Statistics,

·      Goncalves, Herrea, Kilian and Pesavento. “State-dependent local projections” mimeo, April 2023.

·      Athey and Imbens, “Machine Learning Methods that Economists Should Know About,” Annual Review of Economics, 2019

 

Other resources

·      Continuous Time Optimal Control

·      Environmental and Energy Policy and the Economy Edited by Kotchen, Stock and Wolfram

·      Cai and Judd. New Powerful Method

 

Other Research

·      Baumeister et al State-Level Indicators, REStat

 

Milwaukee Club Hesburgh Lecture