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Econometric modelling of climate change with implications for climate policies
Economic and climate time series exhibit many commonalities. Both are subject to non-stationarities in the form of evolving stochastic trends and sudden distributional shifts, with incomplete knowledge of the processes generating the data (DGP). Consequently, the well-developed machinery for modelling economic time series can be fruitfully applied to climate time series. We discuss the model selection methodology for locating an unknown DGP nested within a large set of possible explanations, including dynamics, outliers, shifts, and non-linearities, using Autometrics, a variant of machine learning capable of implementing indicator saturation estimators. After a brief excursion into climate science, we illustrate the approach by investigating the causal role of CO2 in Ice Ages and the UK’s highly non-stationary annual CO2 emissions over the last 150 years, and draw some policy implications facing a claimed net zero target by 2050 in the absence of any clear strategy for achieving it.
Date:
15 October 2020, 11:00
Venue:
Virtual Seminar via Zoom (please register to attend)
Speaker:
Prof Sir David Hendry (INET Oxford, University of Oxford)
Organising department:
Institute for New Economic Thinking
Organiser:
Susan Mousley (INET Oxford Admin Team)
Organiser contact email address:
events@inet.ox.ac.uk
Part of:
INET Oxford Researcher Seminars
Booking required?:
Required
Booking url:
https://www.inet.ox.ac.uk/events/econometric-modelling-of-climate-change-with-implications-for-climate-policies-prof-sir-david-hendry-economic-modelling/
Audience:
Public
Editor:
Susan Mousley
