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This paper discusses a strategy for including adaptation and mitigation expenses in an optimal growth model under threat of climate change calamities. Calamity is the result of a shock that reduces the utility level (even to extinction) and/or triggers a fundamental change in the economic structure. Mitigation expenses reduce the long-run probability of a calamity or the speed of convergence to it; adaptation expenses help boost the standard of living after the calamity. The willingness to contribute to those expenses and the effects on the long-run capital stock of the economy depend on perceptions of how these expenditures will modify the probability of a shock occurring and the standard of living after the shock. The choice between a clean technology and one that increases GHG emissions is also discussed.
This paper documents that seasonal temperatures have significant and systematic effects on the U.S. economy, both at the aggregate level and across a wide crosssection of economic sectors. This effect is particularly strong for the summer: an increase of 1°F in the average summer temperature is associated with a reduction in the annual growth rate of state-level output of 0:15 to 0:25 percenta ... (View publication)
This study is a first contribution to prioritization across productivity determinant capabilities that attempts to obtain the equivalent of a “shadow price” for each of these capabilities by estimating their impact on the success a country may have in reaching higher income per capita groups. The prioritization of these determinants—spanning different sectors—seems to be specific to the income ... (View publication)
The Priorities for Productivity and Income(PPIs) database provides indicators used in estimations covering the period 2000-2012 (in their original version and their normalized version), as well as a richer set of more than 80 indicators across different sectors affecting productivity. Most of the historical data are available at an annual frequency for the period 2000-2012, covering 26 LAC and 32 ... (View publication)
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