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The Causal Effect of Environmental Catastrophe on Long-Run Economic Growth : Evidence from 6,700 Cyclones

Hsiang, Solomon - 2014

pre-disaster trend, and do not recover within twenty years. Both rich and poor countries exhibit this response, with … suppression of annual growth rates spread across the fifteen years following disaster, generating large and significant cumulative … continuous exposure to disaster. Linking these results to projections of future cyclone activity, we estimate that under …

Persistent link: https://www.econbiz.de/10013049691

How the 1906 San Francisco Earthquake Shaped Economic Activity in the American West

Ager, Philipp - 2019

This paper examines the long-run effects of the 1906 San Francisco Earthquake on the spatial distribution of economic activity in the American West. Using variation in the potential damage intensity of the earthquake, we show that more severely affected cities experienced lower population...

Persistent link: https://www.econbiz.de/10012889054

Welfare Costs of Long-Run Temperature Shifts

Bansal, Ravi - 2011

This article makes a contribution towards understanding the impact of temperature fluctuations on the economy and financial markets. We present a long-run risks model with temperature related natural disasters. The model simultaneously matches observed temperature and consumption growth...

Persistent link: https://www.econbiz.de/10013118836

Estimates of the Social Cost of Carbon : Background and Results from the Rice-2011 Model

Nordhaus, William D. - 2011

A new and important concept in global warming economics and policy is the social cost of carbon or SCC. This concept represents the economic cost caused by an additional ton of carbon-dioxide emissions or its equivalent. The present study describes the development of the concept as well as its...

Persistent link: https://www.econbiz.de/10013119046

The Social Cost of Stochastic and Irreversible Climate Change

Cai, Yongyang - 2013

There is great uncertainty about the impact of anthropogenic carbon on future economic wellbeing. We use DSICE, a DSGE extension of the DICE2007 model of William Nordhaus, which incorporates beliefs about the uncertain economic impact of possible climate tipping events and uses empirically...

Persistent link: https://www.econbiz.de/10013088403

Estimating the Social Cost of Carbon for Use in U.S. Federal Rulemakings : A Summary and Interpretation

Greenstone, Michael - 2014

The United States Government recently concluded a year-long process to develop a range of values representing the monetized damages associated with an incremental increase in carbon dioxide (CO2) emissions, commonly referred to as the social cost of carbon (SCC). These values are currently used...

Persistent link: https://www.econbiz.de/10013068337

On a World Climate Assembly and the Social Cost of Carbon

Weitzman, Martin - 2016

This paper postulates the conceptually useful allegory of a futuristic “World Climate Assembly” (WCA) that votes for a single worldwide price on carbon emissions via the basic democratic principle of one-person one-vote majority rule. If this WCA framework can be accepted in the first place,...

Persistent link: https://www.econbiz.de/10012979375

The Social Cost of Carbon Revisited

Pindyck, Robert S. - 2016

An estimate of the social cost of carbon (SCC) is key to climate policy. But how should we estimate the SCC? A common approach is to use an integrated assessment model (IAM) to simulate time paths for the atmospheric CO2 concentration, its impact on global mean temperature, and the resulting...

Persistent link: https://www.econbiz.de/10012979765

Applying Asset Pricing Theory to Calibrate the Price of Climate Risk

Daniel, Kent D. - 2016

Pricing greenhouse gas emissions involves making trade-offs between consumption today and unknown damages in the (distant) future. This setup calls for an optimal control model to determine the carbon dioxide (CO2) price. It also relies on society's willingness to substitute consumption across...

Persistent link: https://www.econbiz.de/10012979779

Price of Long-Run Temperature Shifts in Capital Markets

Bansal, Ravi - 2016

We use the forward-looking information from the US and global capital markets to estimate the economic impact of global warming, specifically, long-run temperature shifts. We find that global warming carries a positive risk premium that increases with the level of temperature and that has almost...

Persistent link: https://www.econbiz.de/10012984763

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