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  Economic growth effects of alternative climate change impact channels in economic modeling

Piontek, F., Kalkuhl, M., Kriegler, E., Schultes, A., Leimbach, M., Edenhofer, O., Bauer, N. (2019): Economic growth effects of alternative climate change impact channels in economic modeling. - Environmental and Resource Economics, 73, 4, 1357-1385.
https://doi.org/10.1007/s10640-018-00306-7

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 Creators:
Piontek, Franziska1, Author              
Kalkuhl, Matthias2, Author
Kriegler, Elmar1, Author              
Schultes, Anselm1, Author              
Leimbach, Marian1, Author              
Edenhofer, Ottmar1, Author              
Bauer, Nicolas1, Author              
Affiliations:
1Potsdam Institute for Climate Impact Research, ou_persistent13              
2External Organizations, ou_persistent22              

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 Abstract: Despite increasing empirical evidence of strong links between climate and economic growth, there is no established model to describe the dynamics of how different types of climate shocks affect growth patterns. Here we present the first comprehensive, comparative analysis of the long-term dynamics of one-time, temporary climate shocks on production factors, and factor productivity, respectively, in a Ramsey-type growth model. Damages acting directly on production factors allow us to study dynamic effects on factor allocation, savings and economic growth. We find that the persistence of impacts on economic activity is smallest for climate shocks directly impacting output, and successively increases for direct damages on capital, loss of labor and productivity shocks, related to different responses in savings rates and factor-specific growth. Recurring shocks lead to large welfare effects and long-term growth effects, directly linked to the persistence of individual shocks. Endogenous savings and shock anticipation both have adaptive effects but do not eliminate differences between impact channels or significantly lower the dissipation time. Accounting for endogenous growth mechanisms increases the effects. We also find strong effects on income shares, important for distributional implications. This work fosters conceptual understanding of impact dynamics in growth models, opening options for links to empirics.

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 Dates: 2019
 Publication Status: Finally published
 Pages: -
 Publishing info: -
 Table of Contents: -
 Rev. Type: Peer
 Identifiers: DOI: 10.1007/s10640-018-00306-7
PIKDOMAIN: RD3 - Transformation Pathways
PIKDOMAIN: Director / Executive Staff / Science & Society
eDoc: 8358
Organisational keyword: RD3 - Transformation Pathways
Research topic keyword: Economics
Research topic keyword: Climate impacts
Regional keyword: Global
Working Group: Energy Systems
Working Group: Macroeconomic modeling of climate change mitigation and impacts
 Degree: -

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Title: Environmental and Resource Economics
Source Genre: Journal, SCI, Scopus
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Pages: - Volume / Issue: 73 (4) Sequence Number: - Start / End Page: 1357 - 1385 Identifier: CoNE: https://publications.pik-potsdam.de/cone/journals/resource/environmental-resource-economics