Storms, Climate Change, And The Us Economy: A National Analysis
AbstractClimate change models predict that storm frequency will decrease over time, while storm intensity will increase. This paper looks at the national effects of storm frequency and storm intensity on various industries in the US economy, using yearly data from 1977 through 1997. We find that yearly deviations in storm frequency and intensity around their state specific and year specific averages have a statistically significant effect on the gross state products of a number of industries. We use these estimated impacts to calculate the national economic consequences of changes in storm frequency and intensity that are predicted by climate change models. The results imply that a predicted drop in storm frequency leads to $5.6 billion in losses (0.07% of the US economy in 1997), while a predicted increase in storm intensity has no significant economic impact. Thus, though the effects of storms on gross industry product are statistically significant, their economic effects are small.
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Bibliographic InfoArticle provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.
Volume (Year): 10 (2010)
Issue (Month): 1 ()
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Web page: http://www.usc.es/economet/eaa.htm
Find related papers by JEL classification:
- Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
- Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
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- Olivier Deschenes & Michael Greenstone, 2006.
"The Economic Impacts of Climate Change Evidence from Agricultural Profits and Random Fluctuations in Weather,"
0601, Massachusetts Institute of Technology, Center for Energy and Environmental Policy Research.
- Deschenes, Olivier & Greenstone, Michael, 2004. "The Economic Impacts of Climate Change: Evidence from Agricultural Profits and Random Fluctuations in Weather," University of California at Santa Barbara, Economics Working Paper Series qt6w7242cj, Department of Economics, UC Santa Barbara.
- Michael Greenstone & Olivier Deschenes, 2006. "The Economic Impacts of Climate Change: Evidence from Agricultural Profits and Random Fluctuations in Weather," Working Papers 2006.6, Fondazione Eni Enrico Mattei.
- William D. Nordhaus, 2006. "The Economics of Hurricanes in the United States," NBER Working Papers 12813, National Bureau of Economic Research, Inc.
- Dug Lee & Kenneth Lyon, 2001. "A dynamic analysis of the global timber market under global warming: an integrated modeling approach," Working Papers 2001-11, Utah State University, Department of Economics.
- Martha Starr-McCluer, 2000. "The effects of weather on retail sales," Finance and Economics Discussion Series 2000-08, Board of Governors of the Federal Reserve System (U.S.).
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