Investor concerns about climate and other environmental regulatory risks suggest that these risks should affect corporate bond risk assessment and pricing. We test this hypothesis and find that firms with poor environmental profiles or high carbon footprints tend to have lower credit ratings and...

This article proposes and evaluates four hypotheses about US pollution and environmental policy over the last half century. First, air and water pollution have declined substantially, although greenhouse gas emissions have not. Second, environmental policy explains a large share of these trends....

This paper contains estimates of the impacts of air pollutants on race-specific neonatal mortality rates based on data for heavily populated counties of the U.S. in 1977. Unlike previous research in this area, these estimates are obtained from awell specified behavioral model of the production...

We use state-of-the-art, satellite-based PM2.5 estimates to assess the extent to which the EPA's existing, monitor-based measurements over- or under-estimate true exposure to PM2.5 pollution. Treating satellite-based estimates as truth implies a substantial number of "policy...

Massive wildlife losses over the past 50 years have brought new urgency to identifying both the drivers of population decline and potential solutions. We provide the first large-scale evidence that air pollution, specifically ozone, is associated with declines in bird abundance in the United...

This paper describes a novel approach to estimating the marginal cost of air pollution regulation, then applies it to assess whether a large set of existing U.S. air pollution regulations have marginal costs exceeding their marginal benefits. The approach utilizes an important yet underexplored...

Do US air pollution offset markets disproportionately relocate pollution to or from low-income or minority communities? Concerns about an equal distribution of environmental quality across communities--environmental justice--have growing policy influence. We relate prices and quantities of...

The geographical location of economic activity within the United States has important implications for carbon mitigation. If households clustered in California's cities rather than in more humid southern cities such as Memphis and Houston, then the average household carbon footprint would be...

The economics of environmental federalism identifies two book-end departures from the first-best, which equates marginal costs and benefits in all local jurisdictions. Local governments may respond to local conditions, but ignore inter-jurisdictional spillovers. Alternatively, central...