This paper uses a tractable stochastic integrated‐assessment model to analyze the influence of climate change on asset returns across time and maturity. Quasi‐analytical, or recursive, formulas allow to price various long‐dated assets, including fixed‐income products, derivatives, and...

Using a novel macro-finance model we infer jointly the equilibrium real interest rate r*t, trend inflation, interest rate expectations, and bond risk premia for the United States. In the model r*t plays a dual macro-finance role: as the benchmark real interest rate that closes the output gap and...