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The effects of climate change on a small open economy

George Economides and Anastasio Xepapadeas

No 7582, CESifo Working Paper Series from CESifo Group Munich

Abstract: We investigate the impact of climate change on the macroeconomic performance of a small open economy. The setup is a new Keynesian dynamic stochastic general equilibrium model of a small open economy without monetary policy independence in which a climate module that interacts with the economy has been incorporated. The model is solved numerically using common parameter values, fiscal data and projections about temperature growth from the Greek economy. Our results, suggest that climate change implies a significant output loss and a dramatic deterioration of competitiveness.

Keywords: climate change; monetary policy; new Keynesian models (search for similar items in EconPapers)
JEL-codes: E50 E10 Q50 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge, nep-ene, nep-env and nep-mac
Date: 2019
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