Working Papers

Market Adaptation to Climate Change in Dynamic Spatial Equilibrium (joint with Ivan Rudik, Gary Lyn, Ariel Ortiz-Bobea)

Revise and Resubmit, Journal of Political Economy: Macroeconomics

Research Question: What are the welfare effects of general equilibrium adaptation via trade, migration, and capital accumulation in response to climate change?

Methodological Contributions: (1) Model-consistent estimating equations to identify climate impacts on productivity and amenities from temperature shocks; (2) Quantitative decomposition of general equilibrium adaptation channels (trade, migration, industry switching, capital accumulation) to shocks in fundamentals in a dynamic spatial model