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SUMMARY:The Macroeconomic Impact of Climate Change: Global vs. Local Tempe
 rature - Diego Känzig (Northwestern University)
DTSTART;VALUE=DATE-TIME:20250303T141500Z
DTEND;VALUE=DATE-TIME:20250303T153000Z
UID:https://talks.ox.ac.uk/talks/id/aeeb4c26-7332-4fe9-b69b-67689e362920/
DESCRIPTION:This paper estimates that the macroeconomic damages from clima
 te change are six times larger than previously thought. Exploiting natural
  global temperature variability\, we find that 1°C warming reduces world 
 GDP by 12%. Global temperature correlates strongly with extreme climatic e
 vents\, unlike country-level temperature used in previous work\, explainin
 g our larger estimate. We use this evidence to estimate damage functions i
 n a neoclassical growth model. Business-as-usual warming implies a 25% pre
 sent welfare loss and a Social Cost of Carbon of $1\,367 per ton. These im
 pacts suggest that unilateral decarbonization policy is cost-effective for
  large countries such as the United States.\nSpeakers:\nDiego Känzig (Nor
 thwestern University)
LOCATION:Manor Road Building (Seminar Room C)\, Manor Road OX1 3UQ
TZID:Europe/London
URL:https://talks.ox.ac.uk/talks/id/aeeb4c26-7332-4fe9-b69b-67689e362920/
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DESCRIPTION:Talk:The Macroeconomic Impact of Climate Change: Global vs. Lo
 cal Temperature - Diego Känzig (Northwestern University)
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