| dc.contributor.author | Gallic, Ewen | |
| dc.contributor.author | Vermandel, Gauthier | |
| dc.date.accessioned | 2020-07-13T12:10:08Z | |
| dc.date.available | 2020-07-13T12:10:08Z | |
| dc.date.issued | 2020-05 | |
| dc.identifier.issn | 0014-2921 | |
| dc.identifier.uri | https://basepub.dauphine.fr/handle/123456789/20941 | |
| dc.language.iso | en | en |
| dc.subject | Agriculture | en |
| dc.subject | Business cycles | en |
| dc.subject | Climate change | en |
| dc.subject | Weather shocks | en |
| dc.subject.ddc | 333 | en |
| dc.subject.classificationjel | Q.Q5.Q54 | en |
| dc.subject.classificationjel | E.E3.E32 | en |
| dc.subject.classificationjel | C.C1.C13 | en |
| dc.title | Weather shocks | en |
| dc.type | Article accepté pour publication ou publié | |
| dc.description.abstracten | How much do weather shocks matter? The literature addresses this question in two isolated ways: either by looking at long-term effects through the prism of calibrated theoretical models, or by focusing on both short and long terms through the lens of empirical models. We propose a framework that reconciles these two approaches by taking the theory to the data in two complementary ways. We first document the propagation mechanism of a weather shock using a Vector Auto-Regressive model on New Zealand Data. To explain the mechanism, we build and estimate a general equilibrium model with a weather-dependent agricultural sector to investigate the weather’s business cycle implications. We find that weather shocks: (i) explain about 35% of GDP and agricultural output fluctuations in New Zealand; (ii) entail a welfare cost of 0.30% of permanent consumption; (iii) critically increases the macroeconomic volatility under climate change, resulting in a higher welfare cost peaking to 0.46% in the worst case scenario of climate change. | en |
| dc.relation.isversionofjnlname | European Economic Review | |
| dc.relation.isversionofjnlvol | 124 | en |
| dc.relation.isversionofjnldate | 2020-05 | |
| dc.relation.isversionofjnlpages | 103409 | en |
| dc.relation.isversionofdoi | 10.1016/j.euroecorev.2020.103409 | en |
| dc.relation.isversionofjnlpublisher | Elsevier | en |
| dc.subject.ddclabel | Economie de la terre et des ressources naturelles | en |
| dc.relation.forthcoming | non | en |
| dc.relation.forthcomingprint | non | en |
| dc.description.ssrncandidate | non | en |
| dc.description.halcandidate | non | en |
| dc.description.readership | recherche | en |
| dc.description.audience | International | en |
| dc.relation.Isversionofjnlpeerreviewed | oui | en |
| dc.relation.Isversionofjnlpeerreviewed | oui | en |
| dc.date.updated | 2020-06-03T13:20:39Z | |
| hal.person.labIds | 526949 | |
| hal.person.labIds | 163511 | |
