Macroeconomics and Climate Change

Adrien Bilal and James Stock

No 33567, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper surveys the literature that links macroeconomics and climate change. We organize our review into three categories: (i) loss and damage, which assesses long-run economic costs and non-market impacts from climate change; (ii) mitigation and the energy transition, which evaluates the macroeconomic consequences of shifting away from fossil fuels toward renewable energy; and (iii) adaptation, which explores the economic adjustments necessary to manage heat stress, more frequent severe weather events and rising seas. We discuss macroeconomic frameworks that quantify these structural shifts as well as empirical estimates that guide their calibration. We suggest areas in which macroeconomic research on climate is needed.

JEL-codes: E60 F55 H23 H41 Q43 Q50 R10 (search for similar items in EconPapers)
Date: 2025-03
New Economics Papers: this item is included in nep-ene, nep-env and nep-hpe
Note: EEE EFG
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