The Messina-Reggio Calabria Earthquake (1908) was the most devastating natural disaster in modern European history. It …

product availability. The number of goods available for sale fell 32% in Chile and 17% in Japan from the day of the disaster …

shocks to aggregate uncertainty, I introduce a small, time-varying risk of economic disaster in a standard real business … cycle model. The paper establishes two simple theoretical results: first, when the probability of disaster is constant, the … risk of disaster does not affect the path of macroeconomic aggregates - a "separation theorem" between macroeconomic …

tax on consumption society would accept to limit the maximum size of a catastrophic shock, and the cost to insure against …

disaster shock on economic activity and on uncertainty is studied using a VAR. While past natural disasters are local in nature … of large disaster shocks. Even in a fairly conservative case where COVID-19 is a 5-month shock with its magnitude … impact of COVID-19. A costly disaster series is constructed over the sample 1980:1-2020:04 and the dynamic impact of a …

away permanently. For those younger than 25 years old who were induced to move, the “lava shock” dramatically raised … than 25 (the parents) were made slightly worse off by the shock. The large gains from moving for the young are surprising …