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A Quantity-Based Approach to Constructing Climate Risk Hedge Portfolios

Alekseev, Georgij; Giglio, Stefano; Maingi, Quinn; … - National Bureau of Economic Research - 2022

We propose a new methodology to build portfolios that hedge the economic and financial risks from climate change. Our quantity-based approach exploits information on how mutual fund managers trade in response to idiosyncratic changes in their climate risk beliefs. We exploit two types of...

Persistent link: https://www.econbiz.de/10013477195

Climate Capitalists

Gormsen, Niels; Huber, Kilian; Oh, Sangmin - National Bureau of Economic Research - 2024

Firms' perceived cost of green capital has decreased since the rise of sustainable investing. Green and brown firms perceived their cost of capital to be the same before 2016, but after the post-2016 surge in sustainable investing, green firms perceived their cost of capital to be on average 1...

Persistent link: https://www.econbiz.de/10015072875

Synthesis of Evidence Yields High Social Cost of Carbon Due to Structural Model Variation and Uncertainties

Moore, Frances; Drupp, Moritz A.; Rising, James; Dietz, … - National Bureau of Economic Research - 2024

Estimating the cost to society from a ton of carbon dioxide (CO2) released into the atmosphere requires connecting a model of the climate system with a representation of the economic and social effects of changes in climate, as well as the valuation and aggregation of diverse, uncertain impacts...

Persistent link: https://www.econbiz.de/10014576572

The Return of Adaptation to Extreme Weather

Hong, Harrison G.; Ng, Serena; Xu, Jiangmin - National Bureau of Economic Research - 2025

We estimate the return of climate adaptation by modeling the uncertain impact of global warming for extreme weather. Unexpected arrivals elevate extreme-weather risk, which leads households and firms to adapt and thereby lowering the damage of each subsequent arrival. Our approach provides...

Persistent link: https://www.econbiz.de/10015409856

Expecting Climate Change : A Nationwide Field Experiment in the Housing Market

Fairweather, Daryl; Kahn, Matthew E.; Metcalfe, Robert D.; … - National Bureau of Economic Research - 2024

providing home-specific flood risk information on the behavior of home buyers in terms of their search, bidding, and purchasing … decisions. Redfin randomly assigned 17.5 million users to receive information detailing the flood risk associated with the … properties they searched for on the platform. Our analysis reveals several key findings: (1) the flood risk information …

Persistent link: https://www.econbiz.de/10015145070

Private Benefits from Public Investment in Climate Adaptation and Resilience

Bradt, Jacob T.; Aldy, Joseph E. - National Bureau of Economic Research - 2025

Flood protection infrastructure investments, such as Army Corps of Engineers levees, can enhance resilience to flood … areas protected by levees, home values increase 3-4 percent. Levees impose adverse spillover flood risks that reduce home …

Persistent link: https://www.econbiz.de/10015361509

Climate Change, Population Growth, and Population Pressure

Henderson, J. Vernon; Jang, Bo Yeon; Storeygard, Adam; … - National Bureau of Economic Research - 2024

We develop a novel method for assessing the effect of constraints imposed by spatially-fixed natural resources on aggregate economic output. We apply it to estimate and compare the projected effects of climate change and population growth over the course of the 21st century, by country and...

Persistent link: https://www.econbiz.de/10014486236

Nature Loss and Climate Change : The Twin-Crises Multiplier

Giglio, Stefano; Kuchler, Theresa; Stroebel, Johannes; … - National Bureau of Economic Research - 2025

We study the economic effects of the interaction of nature loss and climate change in a model that incorporates important aspects of both processes. We capture the distinct ways in which they affect economic activity--with nature constituting a key factor of production and climate change...

Persistent link: https://www.econbiz.de/10015195007

Game, Sweat, Match : Temperature and Elite Worker Productivity

Burke, Marshall; Tanutama, Vincent; Heft-Neal, Sam; … - National Bureau of Economic Research - 2023

The effect of hot temperatures on labor productivity is thought to be a key channel through which a warming climate will impact the economy, and these impacts could help explain broader observed relationships between temperature and economic output. Yet for many workers and jobs, especially the...

Persistent link: https://www.econbiz.de/10014337882

Macroeconomics and Climate Change

Bilal, Adrien; Stock, James H. - National Bureau of Economic Research - 2025

This paper surveys the literature that links macroeconomics and climate change. We organize our review into three categories: (i) loss and damage, which assesses long-run economic costs and non-market impacts from climate change; (ii) mitigation and the energy transition, which evaluates the...

Persistent link: https://www.econbiz.de/10015361443