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Adaptation Using Financial Markets : Climate Risk Diversification through Securitization
Kahn, Matthew E.; Ouazad, Amine; Yönder, Erkan - National Bureau of Economic Research - 2024
In the face of rising climate risk, financial institutions may adapt by transferring such risk to securitizers that … to climate risk may be a drop in the ocean of cash flows. This paper builds a data set of the entire securitization chain … optimal deals by finding the portfolio weights in an asset demand system that targets return and risk. Extrapolating wildfire …
Persistent link: https://www.econbiz.de/10014512098
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Is Physical Climate Risk Priced? Evidence from Regional Variation in Exposure to Heat Stress
Acharya, Viral V.; Johnson, Tim; Sundaresan, Suresh M.; … - National Bureau of Economic Research - 2022
We exploit regional variations in exposure to heat stress to study if physical climate risk is priced in municipal and …
Persistent link: https://www.econbiz.de/10013388801
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Industrial Composition of Syndicated Loans and Banks' Climate Commitments
Hale, Galina; Meisenbacher, Brigid; Nechio, Fernanda - National Bureau of Economic Research - 2024
In the past two decades, a number of banks joined global initiatives aimed to mitigate climate change by "greening" their asset portfolios. We study whether banks that made such commitments have a different emission exposure of their portfolios of syndicated loans than banks that did not. We...
Persistent link: https://www.econbiz.de/10015056201
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Learning, Catastrophic Risk and Ambiguity in the Climate Change Era
Moore, Frances - National Bureau of Economic Research - 2024
distribution, with associated costs for weather risk management and risk-averse decision-makers. These costs result purely from the …
Persistent link: https://www.econbiz.de/10014635647
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The IPCC Shared Socioeconomic Pathways (SSPs) : Explained, Evaluated, Replaced
Welch, Ivo - National Bureau of Economic Research - 2024
Shared socioeconomic pathways (SSPs) are perhaps the most influential economic policy analyses today. My paper evaluates their development, natural associations, logical consequences, and economic identification. All five SSP baseline scenarios are predicting scenarios that historical...
Persistent link: https://www.econbiz.de/10014512032
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Temperature Extremes Impact Mortality and Morbidity Differently
Gould, Carlos F.; Heft-Neal, Sam; Heaney, Alexandra K.; … - National Bureau of Economic Research - 2024
Increased temperature-related mortality is predicted to be one of the largest contributors to future economic damages from climate change globally, with declines in cold-related deaths in some regions outweighed by increases in heat-related deaths in others. Changes in temperature could also...
Persistent link: https://www.econbiz.de/10014512049
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Decarbonizing Aviation : Cash-for-Clunkers in the Airline Industry
Brueckner, Jan K.; Kahn, Matthew E.; Nickelsburg, Jerry - National Bureau of Economic Research - 2024
The durability of the transportation capital stock slows down the pace of decarbonization since newer vintages feature cutting-edge technology. If older vintages were to be retired sooner, the social cost of travel would decline. This paper analyzes and explores the viability of a potential...
Persistent link: https://www.econbiz.de/10014512059
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The Macroeconomic Impact of Climate Change : Global vs. Local Temperature
Bilal, Adrien; Känzig, Diego R. - National Bureau of Economic Research - 2024
This paper estimates that the macroeconomic damages from climate change are six times larger than previously thought. We exploit natural variability in global temperature and rely on time-series variation. A 1°C increase in global temperature leads to a 12% decline in world GDP. Global...
Persistent link: https://www.econbiz.de/10014544728
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Food Policy in a Warming World
Hsiao, Allan; Moscona, Jacob; Sastry, Karthik - National Bureau of Economic Research - 2024
Do governments systematically intervene in agricultural markets in response to climate shocks? If so, what are the aggregate and distributional consequences? We construct a global dataset of agricultural policies and extreme heat exposure by country and crop since 1980. We find that extreme heat...
Persistent link: https://www.econbiz.de/10014576567
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Synthesis of Evidence Yields High Social Cost of Carbon Due to Structural Model Variation and Uncertainties
Moore, Frances; Drupp, Moritz A.; Rising, James; Dietz, … - National Bureau of Economic Research - 2024
Estimating the cost to society from a ton of carbon dioxide (CO2) released into the atmosphere requires connecting a model of the climate system with a representation of the economic and social effects of changes in climate, as well as the valuation and aggregation of diverse, uncertain impacts...
Persistent link: https://www.econbiz.de/10014576572