On the Evolution of U.S. Temperature Dynamics

Francis Diebold and Glenn Rudebusch

PIER Working Paper Archive from Penn Institute for Economic Research, Department of Economics, University of Pennsylvania

Abstract: Climate change is a multidimensional shift. While much research has documented rising mean temperature levels, we also examine range-based measures of daily temperature volatility. Specifically, using data for select U.S. cities over the past half-century, we compare the evolving time series dynamics of the average temperature level, AVG, and the diurnal temperature range, DTR (the difference between the daily maximum and minimum temperatures at a given location). We characterize trend and seasonality in these two series using linear models with time-varying coecients. These straightforward yet flexible approximations provide evidence of evolving DTR seasonality, stable AVG seasonality, and conditionally Gaussian but heteroskedastic innovations for both DTR and AVG.

Keywords: Unemployment DTR; temperature volatility; temperature variability; climate modeling; climate change (search for similar items in EconPapers)
JEL-codes: C22 Q54 (search for similar items in EconPapers)
Pages: 92 pages
Date: 2019-07-05
New Economics Papers: this item is included in nep-env, nep-ets and nep-ore
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Chapter: On the Evolution of US Temperature Dynamics (2022)
Working Paper: On the Evolution of U.S. Temperature Dynamics (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:pen:papers:19-012

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