A rapidly growing empirical literature seeks to estimate the costs of future climate change from time series variation in weather. I formally analyze the consequences of a change in climate for economic outcomes. I show that those consequences are driven by changes in the distribution of...

Resource markets are linked over time through extraction, storage, and durable demand-side investments. I show that an anticipated strengthening of environmental policy can increase emissions today through the first two linkages and can decrease them through the third. I then use a unique...

A rapidly growing empirical literature seeks to estimate the costs of future climate change from time series variation in weather. I formally analyze the consequences of a change in climate for economic outcomes. I show that those consequences are driven by changes in the distribution of...