Climate Shocks, Cyclones, and Economic Growth: Bridging the Micro-Macro Gap
Laura Bakkensen and
Lint Barrage
No 24893, NBER Working Papers from National Bureau of Economic Research, Inc
Abstract:
Empirical analyses of climatic event impacts on growth, while critical for policy, have been slow to be incorporated into macroeconomic climate-economy models. This paper proposes a joint empirical-structural approach to bridge this gap for tropical cyclones. First, we review competing empirical approaches in a harmonized global dataset and through a theory lens. Second, we estimate cyclone impacts on structural determinants of growth (productivity, depreciation, fatalities) to quantify a stochastic growth model for 40 vulnerable countries and project welfare effects of climate-driven cyclone risk changes. Third, we compute cyclone impacts on the social cost of carbon in the seminal DICE model.
JEL-codes: O44 O47 Q54 (search for similar items in EconPapers)
Date: 2018-08
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