Economics and Climate Change

NYC Fed Endorses Hansen’s and Piazzesi’s “Contributions” to Climate Change Economics

2 Comments / Computational Economics, RDCEP, University of Chicago, US Federal Reserve /

On Friday, May 13, The NYC Fed will host the conference “Climate Change: Implications for Macroeconomics”.  Speakers include Lars Hansen of the University of Chicago, and Monika Piazzesi of Stanford University. These choices clearly show the Fed’s approach to research on these issues. If you like FRB/US you will love the approach to climate change […]

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JPE does not want papers written for “smart people”

1 Comment / Computational Economics, Journal of Political Economy, RDCEP, The state of economics /

Cai, Lontzek and I submitted our paper on the social cost of carbon in November, 2012, and received referee reports and a revision request from Monika Piazessi, the JPE editor handling the submission, in November, 2013. A couple of months later, we met with her to discuss the revision. In particular, I wanted to explain

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An Example of the “Tyranny of the Top Five”

5 Comments / Computational Economics, Decisionmaking Under Uncertainty, Economics and Climate Change, Journal of Political Economy, Journals, RDCEP /

In December, 2019, JPE published “The Social Cost of Carbon with Economic and Climate Risks”, a paper I wrote with Yongyang Cai and Thomas Lontzek. I am not listed as an author but the first footnote states that I was a co-author. The history behind that fact is an example of the “tyranny of the

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DSICE: Dynamic Stochastic Integration of Climate and Economy

Leave a Comment / Computational Economics, Decisionmaking Under Uncertainty, Economics and Climate Change, National Science Foundation, RDCEP, The state of economics /

I started working on climate change policy modeling in 2008, and it has been a major focus of my efforts since then. In 2010, Yongyang Cai, Thomas Lontzek and I created the DSICE model, extending Nordhaus’ DICE to include productivity shocks as well as stochastic elements of the climate system. While we had earlier published

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