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Timing Matters : Intra-day Shifts of Economic Activity and Ambient Ozone Concentrations
Adler, David B.; Severnini, Edson R. - National Bureau of Economic Research - 2023
Ground-level ozone has been shown to have significant negative health externalities from short-term exposure, and as such has been regulated by the U.S. Clean Air Act since the 1970s. Ozone is not emitted directly; instead formation occurs due to a complex Leontief-like combination of air...
Persistent link: https://www.econbiz.de/10014247990
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Policy Evaluation in Uncertain Economic Environments
Brock, William A. - 2003
This paper develops a decision-theoretic approach to policy analysis. We argue that policy evaluation should be conducted on the basis of two factors: the policymaker's preferences, and the conditional distribution of the outcomes of interest given a policy and available information. From this...
Persistent link: https://www.econbiz.de/10012468673
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What We Know and Don't Know about Climate Change, and Implications for Policy
Pindyck, Robert S. - 2020
There is a lot we know about climate change, but there is also a lot we don't know. Even if we knew how much CO2 will be emitted over the coming decades, we wouldn't know how much temperatures will rise as a result. And even if we could predict the extent of warming that will occur, we can say...
Persistent link: https://www.econbiz.de/10012481498
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Applying Asset Pricing Theory to Calibrate the Price of Climate Risk
Daniel, Kent D. - 2016
maximizes the utility of the representative agent at that time. We embed a number of features including tail risk, the potential …-impact outcomes, our calibration allows us to decompose the SCC into the expected damages and the risk-premium. In contrast to most … only a small risk premium, the deadweight loss in utility associated with delaying the implementation of optimal pricing by …
Persistent link: https://www.econbiz.de/10012455885
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Decarbonization and Electrification in the Long Run
Holland, Stephen P.; Mansur, Erin; Yates, Andrew J. - National Bureau of Economic Research - 2022
Decarbonization and electrification will require a transformed electricity grid. Our long-run model of entry and exit of generation and storage capacity captures crucial aspects of the electricity industry such as time-varying demand for electricity, intermittency of renewables, and...
Persistent link: https://www.econbiz.de/10013210110
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The Macroeconomic Effects of a Carbon Tax to Meet the U.S. Paris Agreement Target : The Role of Firm Creation and Technology Adoption
Finkelstein Shapiro, Alan; Metcalf, Gilbert E. - National Bureau of Economic Research - 2021
We analyze the quantitative labor market and aggregate effects of a carbon tax in a framework with pollution externalities and equilibrium unemployment. Our model incorporates endogenous labor force participation and two margins of adjustment influenced by carbon taxes: (1) firm creation and (2)...
Persistent link: https://www.econbiz.de/10012533344
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Uncertainty Business Cycles - Really?
Bachmann, Ruediger - 2011
Are fluctuations in firms' profitability risk a major cause of regular business cycles? We study this question within … such a model, surprise increases of risk lead to a wait-and-see policy for investment at the firm level and a decrease in … the size of firm-level risk fluctuations. We find that time-varying firm-level risk on its own is unlikely to be a major …
Persistent link: https://www.econbiz.de/10012461796
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Idiosyncratic Income Risk and Aggregate Fluctuations
Debortoli, Davide; Galí, Jordi - National Bureau of Economic Research - 2022
We study the role of idiosyncratic income shocks for aggregate fluctuations within a simple heterogeneous household framework with no binding borrowing constraints. We show that the presence of idiosyncratic income shocks affects the economy's response to an aggregate shock in a way that can be...
Persistent link: https://www.econbiz.de/10012814479
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The Origins and Effects of Macroeconomic Uncertainty
Bianchi, Francesco - 2018
-side uncertainty. Using term structure and macroeconomic data, we find sizable effects of uncertainty on risk premia and business cycle … to illustrate how multiple distinct risk propagation channels account for these differences. Supply and demand …
Persistent link: https://www.econbiz.de/10012481034
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Economic Uncertainty Before and During the COVID-19 Pandemic
Altig, David - 2020
We consider several economic uncertainty indicators for the US and UK before and during the COVID-19 pandemic: implied stock market volatility, newspaper-based economic policy uncertainty, twitter chatter about economic uncertainty, subjective uncertainty about future business growth, and...
Persistent link: https://www.econbiz.de/10012481613