William D. Nordhaus: Intégrer le changement climatique dans l’analyse macroéconomique de long terme

Katheline Schubert

Revue d'économie politique, 2019, vol. 129, issue 6, 887-908

Abstract: This article follows the tradition of the Revue d?Économie Politique of presenting each year the new ?Nobel prices in economics? contributions. It is dedicated to William Nordhaus, rewarded for having integrated climate change into long-run macroeconomic analysis. I firs present the DICE model, explaining in detail the equations of the climate and economic sub-models as well as the calibration procedure. I then show how DICE is used to compute the social cost of carbon. Lastly, I present some of the very numerous extensions of the model at date, to highlight the power of the framework, its limits too, and the ways forward. JEL codes: 04, 044, Q5, Q54

Keywords: William Nordhaus; Nobel price; DICE; integrated assessment models; climate economics (search for similar items in EconPapers)
JEL-codes: Q5 Q54 (search for similar items in EconPapers)
Date: 2019
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