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How costly will rising temperature due to climate change be for the U.S. economy? Recent research has used the well-identified response of output to weather to estimate this cost. But agents may adapt to the new climate. We propose a methodology to infer adaptation technology from the...
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increasing globalisation. In this paper we extend this type of analysis and integrate the effects on productivity growth …, theoretically and empirically. Productivity growth is introduced into the theoretical model making use of the Verdoorn effect or of … productivity growth. Further on, a costpush or Marx/Hicks-effect and hence a positive impact of real wage growth or the wage share …
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