Climate change not only impacts production and market consumption, but also the relative scarcity of non-market goods, such as environmental amenities. We study fundamental drivers of the resulting relative price changes, their potential magnitude, and their implications for climate policy in...

I propose a new conceptual framework to disentangle the impacts of weather and climate on economic activity and growth: A stochastic frontier model with climate in the production frontier and weather shocks as a source of inefficiency. I test it on a sample of 160 countries over the period...

Several European countries have decided to phase out coal power generation. Emissions from electricity generation are already regulated by the EU Emissions Trading System (ETS), and in some countries like Germany the phaseout of coal will be accompanied with cancellation of emissions allowances....

We develop a two sector incomplete markets integrated assessment model to analyse the effectiveness of green quantitative easing (QE) in complementing fiscal policies for climate change mitigation. We model green QE through an outstanding stock of private assets held by a monetary authority and...

We investigate the long-term macroeconomic effects of climate change across 48 U.S. states over the period 1963.2016 using a novel econometric strategy which links deviations of temperature and precipitation (weather) from their long-term moving-average historical norms (climate) to various...

Extreme weather events have significant adverse costs for individuals, firms, communities, regional, and national economies. Extreme Event Attribution (EEA), a methodology that examines the degree to which anthropogenic greenhouse gas emissions had changed the occurrence of specific extreme...

Within a general equilibrium model, this paper identifies a novel animal welfare externality that occurs if the private animal friendliness in a market economy falls short of the social animal friendliness used by the social planner when determining the efficient allocation. The animal welfare...

How costly are droughts to individuals’ nutrition in Africa? We measure severe droughts using a detailed satellite-based vegetation index observed bi-monthly for 0.08° grids between 1982 and 2015. Across 32 African countries, conditional on individual characteristics, timing relative to...

How would climate change affect India's agriculture which accounts for sixty percent of employment? We study the impact of climate change on the level and variability of yields of rice (India's major food crop) and two key millet crops (sorghum and pearl millet), using an all India district...