Nothing Special   »   [go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/p/ces/ceswps/_3139.html
   My bibliography  Save this paper

Global Warming and Extreme Events: Rethinking the Timing and Intensity of Environmental Policy

Author

Listed:
  • Yu-Fu Chen
  • Michael Funke
Abstract
The possibility of low-probability extreme events has reignited the debate over the optimal intensity and timing of climate policy. In this paper we therefore contribute to the literature by assessing the implications of low-probability extreme events on environmental policy in a continuous-time real options model with “tail risk”. In a nutshell, our results indicate the importance of tail risk and call for foresighted pre-emptive climate policies.

Suggested Citation

  • Yu-Fu Chen & Michael Funke, 2010. "Global Warming and Extreme Events: Rethinking the Timing and Intensity of Environmental Policy," CESifo Working Paper Series 3139, CESifo.
    • Handle: RePEc:ces:ceswps:_3139
    as

    Download full text from publisher

    File URL: https://www.cesifo.org/DocDL/cesifo1_wp3139.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Oliver Falck & Ludger Woessmann, 2013. "School competition and students’ entrepreneurial intentions: international evidence using historical Catholic roots of private schooling," Small Business Economics, Springer, vol. 40(2), pages 459-478, February.
    2. Jesús Fernández-Villaverde & Juan F. Rubio-Ramírez, 2007. "Estimating Macroeconomic Models: A Likelihood Approach," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 74(4), pages 1059-1087.
    3. Presbitero, Andrea F. & Zazzaro, Alberto, 2011. "Competition and relationship lending: Friends or foes?," Journal of Financial Intermediation, Elsevier, vol. 20(3), pages 387-413, July.
    4. repec:zbw:bofitp:2010_018 is not listed on IDEAS
    5. Christopher D. Carroll & Misuzu Otsuka & Jiri Slacalek, 2011. "How Large Are Housing and Financial Wealth Effects? A New Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 55-79, February.
    6. Huw Dixon & Hervé Le Bihan, 2012. "Generalised Taylor and Generalised Calvo Price and Wage Setting: Micro‐evidence with Macro Implications," Economic Journal, Royal Economic Society, vol. 122(560), pages 532-554, May.
    7. Case Karl E. & Quigley John M. & Shiller Robert J., 2005. "Comparing Wealth Effects: The Stock Market versus the Housing Market," The B.E. Journal of Macroeconomics, De Gruyter, vol. 5(1), pages 1-34, May.
    8. Fratzscher, Marcel & Reynaud, Julien, 2011. "IMF surveillance and financial markets--A political economy analysis," European Journal of Political Economy, Elsevier, vol. 27(3), pages 405-422, September.
    9. Égert, Balázs, 2011. "Catching-up and inflation in Europe: Balassa-Samuelson, Engel's Law and other culprits," Economic Systems, Elsevier, vol. 35(2), pages 208-229, June.
    10. Slacalek Jiri, 2009. "What Drives Personal Consumption? The Role of Housing and Financial Wealth," The B.E. Journal of Macroeconomics, De Gruyter, vol. 9(1), pages 1-37, October.
    11. Beine, Michel & Lodigiani, Elisabetta & Vermeulen, Robert, 2012. "Remittances and financial openness," Regional Science and Urban Economics, Elsevier, vol. 42(5), pages 844-857.
    12. Hiebert, Paul & Roma, Moreno, 2010. "Relative house price dynamics across euro area and US cities: convergence or divergence?," Working Paper Series 1206, European Central Bank.
    13. Dan Anderberg & Yu Zhu, 2010. "The Effect of Education on Marital Status and Partner Characteristics: Evidence from the UK," CESifo Working Paper Series 3104, CESifo.
    14. Helmuth Cremer & Firouz Gahvari & Pierre Pestieau, 2012. "Accidental Bequests: A Curse for the Rich and a Boon for the Poor," Scandinavian Journal of Economics, Wiley Blackwell, vol. 114(4), pages 1437-1459, December.
    15. Francesco Daveri & Maria Laura Parisi, 2010. "Experience, innovation and productivity. Empirical evidence from Italy's slowdown," Working Papers 1009, University of Brescia, Department of Economics.
    16. Stern,Nicholas, 2007. "The Economics of Climate Change," Cambridge Books, Cambridge University Press, number 9780521700801, October.
    17. Itaya, Jun-ichi & Okamura, Makoto & Yamaguchi, Chikara, 2014. "Partial tax coordination in a repeated game setting," European Journal of Political Economy, Elsevier, vol. 34(C), pages 263-278.
    18. Martin Lettau & Sydney C. Ludvigson, 2004. "Understanding Trend and Cycle in Asset Values: Reevaluating the Wealth Effect on Consumption," American Economic Review, American Economic Association, vol. 94(1), pages 276-299, March.
    19. Hayo, Bernd & Voigt, Stefan, 2010. "Determinants of constitutional change: Why do countries change their form of government?," Journal of Comparative Economics, Elsevier, vol. 38(3), pages 283-305, September.
    20. Kotakorpi, Kaisa & Poutvaara, Panu, 2011. "Pay for politicians and candidate selection: An empirical analysis," Journal of Public Economics, Elsevier, vol. 95(7-8), pages 877-885, August.
    21. Chirinko, Robert S. & Wilsom, Daniel J., 2010. "Can Lower Tax Rates Be Bought? Business Rent-Seeking and Tax Competition Among U.S. States," National Tax Journal, National Tax Association;National Tax Journal, vol. 63(4), pages 967-993, December.
    22. Azar, Christian & Sterner, Thomas, 1996. "Discounting and distributional considerations in the context of global warming," Ecological Economics, Elsevier, vol. 19(2), pages 169-184, November.
    23. Piazzesi, Monika & Schneider, Martin & Tuzel, Selale, 2007. "Housing, consumption and asset pricing," Journal of Financial Economics, Elsevier, vol. 83(3), pages 531-569, March.
    24. Pesaran, M. Hashem & Smith, Ron, 1995. "Estimating long-run relationships from dynamic heterogeneous panels," Journal of Econometrics, Elsevier, vol. 68(1), pages 79-113, July.
    25. Sara Amoroso & Peter M. Kort & Bertrand Melenberg & Joseph Plasmans & Mark Vancauteren, 2010. "Firm Level Productivity under Imperfect Competition in Output and Labor Markets," CESifo Working Paper Series 3082, CESifo.
    26. Fisher, Eric O'N., 2011. "Heckscher-Ohlin theory when countries have different technologies," International Review of Economics & Finance, Elsevier, vol. 20(2), pages 202-210, April.
    27. Hendrik Jürges & Eberhard Kruk & Steffen Reinhold, 2013. "The effect of compulsory schooling on health—evidence from biomarkers," Journal of Population Economics, Springer;European Society for Population Economics, vol. 26(2), pages 645-672, April.
    28. Marcos D. Chamon & Eswar S. Prasad, 2010. "Why Are Saving Rates of Urban Households in China Rising?," American Economic Journal: Macroeconomics, American Economic Association, vol. 2(1), pages 93-130, January.
    29. Momi Dahan & Michel Strawczynski, 2010. "Fiscal Rules and Composition Bias in OECD Countries," CESifo Working Paper Series 3088, CESifo.
    30. repec:bla:scotjp:v:57:y:2010:i:s1:p:254-271 is not listed on IDEAS
    31. Holtz-Eakin, Douglas & Newey, Whitney & Rosen, Harvey S, 1988. "Estimating Vector Autoregressions with Panel Data," Econometrica, Econometric Society, vol. 56(6), pages 1371-1395, November.
    32. Bruno S. Frey & Lasse Steiner, 2010. "World Heritage List: does it make sense?," IEW - Working Papers 484, Institute for Empirical Research in Economics - University of Zurich.
    33. Frederick van der Ploeg, 2011. "Natural Resources: Curse or Blessing?," Journal of Economic Literature, American Economic Association, vol. 49(2), pages 366-420, June.
    34. Oprea, Ryan & Henwood, Keith & Friedman, Daniel, 2011. "Separating the Hawks from the Doves: Evidence from continuous time laboratory games," Journal of Economic Theory, Elsevier, vol. 146(6), pages 2206-2225.
    35. Metzler, Johannes & Woessmann, Ludger, 2012. "The impact of teacher subject knowledge on student achievement: Evidence from within-teacher within-student variation," Journal of Development Economics, Elsevier, vol. 99(2), pages 486-496.
    36. Sebastian Kube & Christian Traxler, 2011. "The Interaction of Legal and Social Norm Enforcement," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 13(5), pages 639-660, October.
    37. Pindyck, Robert S., 2000. "Irreversibilities and the timing of environmental policy," Resource and Energy Economics, Elsevier, vol. 22(3), pages 233-259, July.
    38. Lok Sang Ho & Gary Wong, 2008. "Nexus Between Housing And The Macro Economy: The Hong Kong Case," Pacific Economic Review, Wiley Blackwell, vol. 13(2), pages 223-239, May.
    39. Jenny Ligthart & Gerard C. van der Meijden, 2010. "Coordinated Tax-Tariff Reforms, Informality, and Welfare Distribution," CESifo Working Paper Series 3107, CESifo.
    40. Volker Grossmann & Thomas M. Steger & Timo Trimborn, 2016. "Quantifying Optimal Growth Policy," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 18(3), pages 451-485, June.
    41. Pindyck, Robert S., 2002. "Optimal timing problems in environmental economics," Journal of Economic Dynamics and Control, Elsevier, vol. 26(9-10), pages 1677-1697, August.
    42. Bostic, Raphael & Gabriel, Stuart & Painter, Gary, 2009. "Housing wealth, financial wealth, and consumption: New evidence from micro data," Regional Science and Urban Economics, Elsevier, vol. 39(1), pages 79-89, January.
    43. Wolfgang Buchholz & Wolfgang Peters, 2010. "Equity as a Prerequisite for Stable Cooperation in a Public-Good Economy - The Core Revisited," CESifo Working Paper Series 3113, CESifo.
    44. Wu, Jing & Gyourko, Joseph & Deng, Yongheng, 2012. "Evaluating conditions in major Chinese housing markets," Regional Science and Urban Economics, Elsevier, vol. 42(3), pages 531-543.
    45. Ruud Gerards & Joan Muysken & Riccardo Welters, 2014. "Active Labour Market Policy by a Profit-Maximizing Firm," British Journal of Industrial Relations, London School of Economics, vol. 52(1), pages 136-157, March.
    46. Manzano, Carolina & Vives, Xavier, 2011. "Public and private learning from prices, strategic substitutability and complementarity, and equilibrium multiplicity," Journal of Mathematical Economics, Elsevier, vol. 47(3), pages 346-369.
    47. Danziger, Leif, 2010. "Uniform and nonuniform staggering of wage contracts," Labour Economics, Elsevier, vol. 17(6), pages 1038-1049, December.
    48. Joanne Cutler, 2004. "The Relationship between Consumption, Income and Wealth in Hong Kong," Working Papers 012004, Hong Kong Institute for Monetary Research.
    49. Tsur, Yacov & Zemel, Amos, 1996. "Accounting for global warming risks: Resource management under event uncertainty," Journal of Economic Dynamics and Control, Elsevier, vol. 20(6-7), pages 1289-1305.
    50. Simon Dietz & Nicholas Stern, 2008. "Why Economic Analysis Supports Strong Action on Climate Change: A Response to the Stern Review's Critics," Review of Environmental Economics and Policy, Association of Environmental and Resource Economists, vol. 2(1), pages 94-113, Winter.
    51. Ms. Elena Loukoianova & Mr. Gianni De Nicolo & John H. Boyd, 2009. "Banking Crises and Crisis Dating: Theory and Evidence," IMF Working Papers 2009/141, International Monetary Fund.
    52. Mr. Ashvin Ahuja & Lillian Cheung & Gaofeng Han & Mr. Nathan Porter & Wenlang Zhang, 2010. "Are House Prices Rising Too Fast in China?," IMF Working Papers 2010/274, International Monetary Fund.
    53. Henning Bohn, 2011. "The Economic Consequences of Rising U.S. Government Debt: Privileges at Risk," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 67(3), pages 282-302, September.
    54. Marjorie Flavin & Shinobu Nakagawa, 2008. "A Model of Housing in the Presence of Adjustment Costs: A Structural Interpretation of Habit Persistence," American Economic Review, American Economic Association, vol. 98(1), pages 474-495, March.
    55. Douglas Gollin & Christian Zimmermann, 2010. "Global Climate Change and the Resurgence of Tropical Disease: An Economic Approach," Center for Development Economics 2010-09, Department of Economics, Williams College.
    56. Vilen Lipatov & Alfons J. Weichenrieder & Alfons Weichenrieder, 2010. "Optimal Income Taxation with Tax Competition," CESifo Working Paper Series 3108, CESifo.
    57. Mari Rege & Ingeborg F. Solli, 2010. "The Impact of Paternity Leave on Long-term Father Involvement," CESifo Working Paper Series 3130, CESifo.
    58. Dorothee Crayen & Christa Hainz & Christiane St�h de Mart�nez, 2013. "Remittances, Banking Status and the Usage of Insurance Schemes," Journal of Development Studies, Taylor & Francis Journals, vol. 49(6), pages 861-875, June.
    59. Bordignon, Massimo & Grembi, Veronica & Piazza, Santino, 2017. "Who do you blame in local finance? An analysis of municipal financing in Italy," European Journal of Political Economy, Elsevier, vol. 49(C), pages 146-163.
    60. Joanne Cutler, 2004. "The Relationship between Consumption, Income and Wealth in Hong Kong," Macroeconomics 0403013, University Library of Munich, Germany.
    61. Chirinko, Robert S. & Wilsom, Daniel J., 2010. "Can Lower Tax Rates Be Bought? Business Rent-Seeking and Tax Competition Among U.S. States," National Tax Journal, National Tax Association;National Tax Journal, vol. 63(4), pages 967-993, December.
    62. Martin L. Weitzman, 2009. "On Modeling and Interpreting the Economics of Catastrophic Climate Change," The Review of Economics and Statistics, MIT Press, vol. 91(1), pages 1-19, February.
    63. Posch, Olaf, 2011. "Risk premia in general equilibrium," Journal of Economic Dynamics and Control, Elsevier, vol. 35(9), pages 1557-1576, September.
    64. Meier, Volker & Rainer, Helmut, 2012. "On the optimality of joint taxation for noncooperative couples," Labour Economics, Elsevier, vol. 19(4), pages 633-641.
    65. Eichner, Thomas & Pethig, Rüdiger, 2014. "International carbon emissions trading and strategic incentives to subsidize green energy," Resource and Energy Economics, Elsevier, vol. 36(2), pages 469-486.
    66. Alessandro Gambini & Alberto Zazzaro, 2013. "Long-lasting bank relationships and growth of firms," Small Business Economics, Springer, vol. 40(4), pages 977-1007, May.
    67. Alessandro Cigno, 2010. "How to Deal with Covert Child Labour, and Give Children an Effective Education, in a Poor Developing Country: An Optimal Taxation Problem with Moral Hazard," CESifo Working Paper Series 3077, CESifo.
    68. John D. Benjamin & Peter Chinloy & G. Donald Jud, 2004. "Real Estate Versus Financial Wealth in Consumption," The Journal of Real Estate Finance and Economics, Springer, vol. 29(3), pages 341-354, November.
    69. Svetlana I. Boyarchenko & Sergei Z. Levendorskiĭ, 2002. "Lévy processes," World Scientific Book Chapters, in: Non-Gaussian Merton-Black-Scholes Theory, chapter 2, pages 39-66, World Scientific Publishing Co. Pte. Ltd..
    70. Carlo V. Fiorio & Massimo Florio, 2010. "A Fair Price for Energy? Ownership versus Market Opening in the EU15," CESifo Working Paper Series 3124, CESifo.
    71. John Beirne & Guglielmo Maria Caporale & Nicola Spagnolo, 2013. "Liquidity Risk, Credit Risk And The Overnight Interest Rate Spread: A Stochastic Volatility Modelling Approach," Manchester School, University of Manchester, vol. 81(6), pages 925-940, December.
    72. Frank Lichtenberg, 2010. "The Contribution of Pharmaceutical Innovation to Longevity Growth in Germany and France," CESifo Working Paper Series 3095, CESifo.
    73. Avinash K. Dixit & Robert S. Pindyck, 1994. "Investment under Uncertainty," Economics Books, Princeton University Press, edition 1, number 5474.
    74. Simon P. Anderson & Oystein Foros & Hans Jarle Kind, 2010. "Hotelling Competition with Multi-Purchasing: Time Magazine, Newsweek, or both?," CESifo Working Paper Series 3096, CESifo.
    75. Thomas Eichner & Thorsten Upmann, 2010. "Labor Markets and Capital Tax Competition," CESifo Working Paper Series 3099, CESifo.
    76. Axel Löffler & Gunther Schnabl & Franziska Schobert, 2010. "Inflation Targeting by Debtor Central Banks in Emerging Market Economies," CESifo Working Paper Series 3138, CESifo.
    77. Ashvin Ahuja & Lillian Cheung & Gaofeng Han & Nathan Porter & Wenlang Zhang, 2010. "Are House Prices Rising Too Fast in China?," Working Papers 1008, Hong Kong Monetary Authority.
    78. Baniak Andrzej & Grajzl Peter, 2011. "Interjurisdictional Linkages and the Scope for Interventionist Legal Harmonization," Review of Law & Economics, De Gruyter, vol. 7(2), pages 405-434, December.
    79. Richard S. J. Tol, 2009. "The Economic Effects of Climate Change," Journal of Economic Perspectives, American Economic Association, vol. 23(2), pages 29-51, Spring.
    80. Anderson, Simon P. & Foros, Øystein & Kind, Hans Jarle, 2010. "Hotelling competition with multi-purchasing," Discussion Papers 2010/16, Norwegian School of Economics, Department of Business and Management Science.
    81. Andreas Lehnert, 2004. "Housing, consumption, and credit constraints," Finance and Economics Discussion Series 2004-63, Board of Governors of the Federal Reserve System (U.S.).
    82. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-1426, November.
    83. Thomas Moutos & Christos Tsitsikas, 2010. "Whither Public Interest: The Case of Greece's Public Finances," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 66(2), pages 170-206, June.
    84. Jie Gan, 2010. "Housing Wealth and Consumption Growth: Evidence from a Large Panel of Households," The Review of Financial Studies, Society for Financial Studies, vol. 23(6), pages 2229-2267, June.
    85. Henri Fraisse, 2010. "Labour Disputes and the Game of Legal Representation," CESifo Working Paper Series 3084, CESifo.
    86. Pesaran, M.H., 2010. "Predictability of Asset Returns and the Efficient Market Hypothesis," Cambridge Working Papers in Economics 1033, Faculty of Economics, University of Cambridge.
    87. Malte Mosel, 2010. "Competition, Imitation, and R&D Productivity in a Growth Model with Sector-Specific Patent Protection," CESifo Working Paper Series 3109, CESifo.
    88. Huw D. Dixon, 2010. "A Unified Framework for Using Micro-Data to Compare Dynamic Wage and Price Setting Models," CESifo Working Paper Series 3093, CESifo.
    89. Nicholas Stern, 2008. "The Economics of Climate Change," American Economic Review, American Economic Association, vol. 98(2), pages 1-37, May.
    90. Koivu, Tuuli, 2010. "Monetary policy, asset prices and consumption in China," Working Paper Series 1240, European Central Bank.
    91. Manuel Arellano & Stephen Bond, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(2), pages 277-297.
    92. Martin Kolmar & Hendrik Rommeswinkel, 2010. "Group Contests with Complementarities in Efforts," CESifo Working Paper Series 3136, CESifo.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Elsayyad, May & Konrad, Kai A., 2012. "Fighting multiple tax havens," Journal of International Economics, Elsevier, vol. 86(2), pages 295-305.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yu-Fu Chen & Michael Funke & Aaron Mehrotra, 2017. "What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics," Pacific Economic Review, Wiley Blackwell, vol. 22(3), pages 383-409, August.
    2. Yu-Fu Chen & Michael Funke & Aaron Mehrotra, 2017. "What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics," Pacific Economic Review, Wiley Blackwell, vol. 22(3), pages 383-409, August.
    3. repec:zbw:bofitp:2011_013 is not listed on IDEAS
    4. Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2014. "What Do We Learn from the Weather? The New Climate-Economy Literature," Journal of Economic Literature, American Economic Association, vol. 52(3), pages 740-798, September.
    5. Pindyck, Robert S., 2012. "Uncertain outcomes and climate change policy," Journal of Environmental Economics and Management, Elsevier, vol. 63(3), pages 289-303.
    6. Yener Coskun & Burak Sencer Atasoy & Giacomo Morri & Esra Alp, 2018. "Wealth Effects on Household Final Consumption: Stock and Housing Market Channels," IJFS, MDPI, vol. 6(2), pages 1-32, June.
    7. Chen, Yu-Fu & Funke, Michael, 2012. "Global Warming and Fat Tailed-uncertainty: Rethinking the Timing and Intensity of Climate Policy," SIRE Discussion Papers 2012-41, Scottish Institute for Research in Economics (SIRE).
    8. Sheng Guo & William Hardin, 2014. "Wealth, Composition, Housing, Income and Consumption," The Journal of Real Estate Finance and Economics, Springer, vol. 48(2), pages 221-243, February.
    9. Daniel H. Cooper & Karen E. Dynan, 2013. "Wealth shocks and macroeconomic dynamics," Public Policy Discussion Paper 13-4, Federal Reserve Bank of Boston.
    10. Jie Chen & William Hardin & Mingzhi Hu, 2020. "Housing, Wealth, Income and Consumption: China and Homeownership Heterogeneity," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(2), pages 373-405, June.
    11. Christopher D. Carroll & Misuzu Otsuka & Jiri Slacalek, 2011. "How Large Are Housing and Financial Wealth Effects? A New Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 43(1), pages 55-79, February.
    12. Sheng Guo & William G. Hardin, 2017. "Financial and Housing Wealth, Expenditures and the Dividend to Ownership," The Journal of Real Estate Finance and Economics, Springer, vol. 54(1), pages 58-96, January.
    13. Peltonen, Tuomas A. & Sousa, Ricardo M. & Vansteenkiste, Isabel S., 2012. "Wealth effects in emerging market economies," International Review of Economics & Finance, Elsevier, vol. 24(C), pages 155-166.
    14. Yener Coskun & Christos Bouras & Rangan Gupta & Mark E. Wohar, 2021. "Multi-Horizon Financial and Housing Wealth Effects across the U.S. States," Sustainability, MDPI, vol. 13(3), pages 1-20, January.
    15. Arvaniti, Maria, 2016. "Uncertainty, Extreme Outcomes and Climate Change: a critique," CERE Working Papers 2016:11, CERE - the Center for Environmental and Resource Economics.
    16. Waxman, Andrew & Liang, Yuanning & Li, Shanjun & Barwick, Panle Jia & Zhao, Meng, 2020. "Tightening belts to buy a home: Consumption responses to rising housing prices in urban China," Journal of Urban Economics, Elsevier, vol. 115(C).
    17. Kahn, Matthew E. & Mohaddes, Kamiar & Ng, Ryan N.C. & Pesaran, M. Hashem & Raissi, Mehdi & Yang, Jui-Chung, 2021. "Long-term macroeconomic effects of climate change: A cross-country analysis," Energy Economics, Elsevier, vol. 104(C).
    18. Khorunzhina, Natalia, 2021. "Intratemporal nonseparability between housing and nondurable consumption: Evidence from reinvestment in housing stock," Journal of Monetary Economics, Elsevier, vol. 117(C), pages 658-670.
    19. De Veirman Emmanuel & Dunstan Ashley, 2011. "Time-Varying Returns, Intertemporal Substitution and Cyclical Variation in Consumption," The B.E. Journal of Macroeconomics, De Gruyter, vol. 11(1), pages 1-41, July.
    20. Norman Miller & Liang Peng & Michael Sklarz, 2011. "House Prices and Economic Growth," The Journal of Real Estate Finance and Economics, Springer, vol. 42(4), pages 522-541, May.
    21. Luc Aroondel & Frédérique Savignac & Kévin Tracol, 2014. "Wealth and Consumption: French Households in the Crisis," International Journal of Central Banking, International Journal of Central Banking, vol. 10(3), pages 163-204, September.

    More about this item

    Keywords

    climate policy; extreme events; real options; Levy process;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ces:ceswps:_3139. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klaus Wohlrabe (email available below). General contact details of provider: https://edirc.repec.org/data/cesifde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.