Seminars & webinars
21 January, 2021

Online seminar | The economic impact of climate and weather


Where: online
Location:

GoToWebinar

Event's Timetable:

January 21, 2021 - 4.00 PM CET (UTC + 1)

Information:

to participate please register here

Speaker:

Prof. Richard S.J. Tol 
University of Sussex and Vrije Universiteit Amsterdam

introduced by

Prof. Sergio Vergalli
Fondazione Eni Enrico Mattei, University of Brescia, IAERE

Abstract

In the study “The economic impact of climate and weather”, Prof. R. Tol proposes a new conceptual framework to disentangle the impacts of weather and climate on economic activity and growth: a stochastic frontier model with climate in the production frontier and weather shocks as a source of technical inefficiency. The author tests it on a sample of 160 countries over the period 1950-2014. Results reconcile inconsistencies in previous studies: climate determines production possibilities in both rich and poor countries, whereas weather anomalies enhance inefficiency only in poor countries. In a long-run perspective, the climate effect dominates over the weather effect: simulations suggest that, in the worst-case scenario with unmitigated warming, climate change will curb global output by 13% by 2100, and that a large share of these damages would be avoided if warming were limited to 2◦C.

Online seminar | The economic impact of climate and weather

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