How do climate risk beliefs affect coastal housing markets? This paper provides theoretical and empirical evidence. First, we build a dynamic housing market model and show that belief heterogeneity can reconcile the mixed empirical evidence on flood risk capitalization into housing prices....

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...

This paper explores how advertising impacts the consumer response to news about unobserved product quality. Specifically, we estimate how British Petroleum's (BP) 2000-2008 "Beyond Petroleum" advertising campaign affected the impact of the 2010 BP oil spill. We find that BP station margins...

How will climate risk beliefs affect coastal housing market dynamics? This paper provides both theoretical and empirical evidence: First, we build a dynamic housing market model with heterogeneity in home types, consumer preferences, and flood risk beliefs. The model incorporates a Bayesian...

This paper explores the fiscal impacts of climate change and their policy implications for the United States. I develop and empirically quantify a climate-macroeconomic model where climate change can affect (i) government consumption requirements (e.g., healthcare), (ii) transfer payments (e.g.,...

This article reviews a rapidly growing literature on how climatic risks and events affect public finances around the world. This literature includes empirical evaluations of how past climatic events have affected fiscal outcomes, empirical and model-based assessments of how climatic risks affect...

A growing literature has sought to quantify the impacts of natural disasters on economic growth, but has found seemingly contradictory results, ranging from positive to very large negative effects. This paper brings a novel macroeconomic model-based perspective to the data. We present a...

We provide the first revealed preference estimates of the benefits of routine weather forecasts. The benefits come from how people use advance information to reduce mortality from heat and cold. Theoretically, more accurate forecasts reduce mortality if and only if mortality risk is convex in...