Estimating the Economic Impacts of Climate Change Using Weather Observations

Delivering sustainable economic growth
Posted Feb 17, 2019 | National Bureau of Economic Research, Charles Kolstad, Frances Moore

The question of how best to estimate the economic effect of long-run changes in climate has long been an issue of contention. In this paper by the National Bureau of Economic Research, Charles Kolstad and Frances Moore establish a conceptual framework for thinking about climate, weather, adaptation, and the economic costs of climate change. They review different approaches that have been proposed for estimating the effects of climate change, both the classic cross-sectional approach, more recent panel approaches using ‘interannual’ weather variation, and very recent hybrid approaches that use a mix of cross-sectional and interannual variation in order to better identify climate change impacts. For each method they describe the estimated short-run and long-run impacts, the type of weather or climate variation used, and the pros and cons of the approach.


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