Temperature and Growth: A Panel Analysis of the United States

Riccardo Colacito, Bridget Hoffmann and Toan Phan

No 7654, IDB Publications (Working Papers) from Inter-American Development Bank

Abstract: This paper documents that seasonal temperatures have significant and systematic effects on the U.S. economy, both at the aggregate level and across a wide crosssection of economic sectors. This effect is particularly strong for the summer: an increase of 1°F in the average summer temperature is associated with a reduction in the annual growth rate of state-level output of 0:15 to 0:25 percentage points. When these estimates are combined with projected increases in seasonal temperatures it is found that a reduction of U.S. economic growth by up to one third could occur over the next century.

Keywords: labor productivity; economic impact; economic growth (search for similar items in EconPapers)
JEL-codes: O44 O51 Q59 R11 (search for similar items in EconPapers)
Date: 2016-05
New Economics Papers: this item is included in nep-env and nep-gro
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14)

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Related works:
Journal Article: Temperature and Growth: A Panel Analysis of the United States (2019)
Working Paper: Temperature and Growth: A Panel Analysis of the United States (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:idb:brikps:7654

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