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来源类型Working Paper
规范类型报告
DOI10.3386/w23009
来源IDWorking Paper 23009
Climate Change and Growth Risks
Ravi Bansal; Marcelo Ochoa; Dana Kiku
发表日期2017-01-02
出版年2017
语种英语
摘要To study the welfare implications of rising temperature we propose a temperature-augmented long-run risks model that accounts for the interaction between temperature, economic growth and risk. The model simultaneously matches the projected temperature path, the observed consumption growth dynamics, discount rates provided by the risk-free rate and equity market returns, and the negative elasticity of equity prices to temperature risks documented in the data. We use the calibrated model to quantify the social cost of carbon (SCC) and to frame the optimal climate policy. We show that a preference for early resolution of uncertainty and long-run impact of temperature on growth imply a significant SCC and motivate early actions to abate global warming.
主题Macroeconomics ; Financial Economics ; Environmental and Resource Economics
URLhttps://www.nber.org/papers/w23009
来源智库National Bureau of Economic Research (United States)
引用统计
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580682
推荐引用方式
GB/T 7714
Ravi Bansal,Marcelo Ochoa,Dana Kiku. Climate Change and Growth Risks. 2017.
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