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Climate Shocks, Cyclones, and Economic Growth : Bridging the Micro-Macro Gap

Bakkensen, Laura - 2018

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...

Persistent link: https://www.econbiz.de/10012912546

The Causal Effect of Environmental Catastrophe on Long-Run Economic Growth : Evidence from 6,700 Cyclones

Hsiang, Solomon - 2014

pre-disaster trend, and do not recover within twenty years. Both rich and poor countries exhibit this response, with … suppression of annual growth rates spread across the fifteen years following disaster, generating large and significant cumulative … continuous exposure to disaster. Linking these results to projections of future cyclone activity, we estimate that under …

Persistent link: https://www.econbiz.de/10013049691

Does Uncertainty Reduce Growth? Using Disasters as Natural Experiments

Baker, Scott - 2014

A growing body of evidence suggests that uncertainty is counter cyclical, rising sharply in recessions and falling in booms. But what is the causal relationship between uncertainty and growth? To identify this we construct cross country panel data on stock market levels and volatility as proxies...

Persistent link: https://www.econbiz.de/10013062729

Uncertainty and Growth Disasters

Jovanovic, Boyan; Ma, Sai - 2022

This paper documents several facts on the real effects of economic uncertainty. First, higher uncertainty is associated with a more dispersed distribution of output growth. Second, the relation is highly asymmetric: A rise in uncertainty is associated with a sharp decline in the lower tail of...

Persistent link: https://www.econbiz.de/10014091106

Growth-Rate and Uncertainty Shocks in Consumption : Cross-Country Evidence

Nakamura, Emi - 2012

We provide new estimates of the importance of growth rate and uncertainty shocks for developed countries. The shocks we estimate are large and correspond to well-known macroeconomic episodes such as the Great Moderation and the productivity slowdown. We compare our results to earlier estimates...

Persistent link: https://www.econbiz.de/10013105460

Technology Diffusion : Measurement, Causes and Consequences

Comin, Diego - 2014

This chapter discusses different approaches pursued to explore three broad questions related to technology diffusion: what general patterns characterize the diffusion of technologies, and how have they changed over time; what are the key drivers of technology, and what are the macroeconomic...

Persistent link: https://www.econbiz.de/10013063910

Austerity in 2009-2013

Alesina, Alberto - 2015

The conventional wisdom is (i) that fiscal austerity was the main culprit for the recessions experienced by many countries, especially in Europe, since 2010 and (ii) that this round of fiscal consolidation was much more costly than past ones. The contribution of this paper is a clarification of...

Persistent link: https://www.econbiz.de/10013030627

Decomposing the Effects of Financial Liberalization : Crises vs. Growth

Rancière, Romain - 2010

We present a new empirical decomposition of the effects of financial liberalization on economic growth and on the incidence of crises. Our empirical estimates show that the direct effect of financial liberalization on growth by far outweighs the indirect effect via a higher propensity to crisis....

Persistent link: https://www.econbiz.de/10012760479

Accounting for the Effect of Health on Economic Growth

Weil, David N. - 2010

I use microeconomic estimates of the effect of health on individual outcomes to construct macroeconomic estimates of the proximate effect of health on GDP per capita. I employ avariety of methods to construct estimates of the return to health, which I combine with cross-country and historical...

Persistent link: https://www.econbiz.de/10012762437

Why Some Times are Different : Macroeconomic Policy and the Aftermath of Financial Crises

Romer, Christina - 2017

Analysis based on a new measure of financial distress for 24 advanced economies in the postwar period shows substantial variation in the aftermath of financial crises. This paper examines the role that macroeconomic policy plays in explaining this variation. We find that the degree of monetary...

Persistent link: https://www.econbiz.de/10012945611