Empirical studies analyzing the effect of climate change on output growth sometimes neglect economic variables. This yields a biased picture of the growth process and does not represent a good approximation of the true data generating process. Thus, the question arises how valid the results are...

In this paper we show that both climate models and economic models studying the effects of climate change are characterized by high uncertainty. Hence, far reaching policy implications such as the net zero goal lack a definite scientific foundation. Neverthelss, it cannot be excluded that the...