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The Long-Lived Effects of Historic Climate on the Wealth of Nations

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  • Michael Vlassopoulos

    (University of Southampton)

  • Akos Valentinyi

    (Hungarian Central Bank)

  • John C. Bluedorn

    (University of Southampton)

Abstract

Although a reduced-form approach allows us to recover robust, general patterns in the relationship, it does not allow us to resolve the exact mechanism by which historic temperature affects current incomes. To shed some light on the mechanism we build a simple model of growth of physical and human capital to investigate how much income difference a temperature shock can generate over 150 years. To calibrate the growth effect of temperature shocks we use result from Dell, Jones, and Olken (2008) who estimated the contemporaneous growth effect climate shocks on post 1950 data. The calibrated model generates roughly the same size of income difference over a period of 150 years what we estimated using historical temperature data.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2010 Meeting Papers with number 627.

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Date of creation: 2010
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Handle: RePEc:red:sed010:627

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  1. Daron Acemoglu & Simon Johnson & James A. Robinson, 2000. "The Colonial Origins of Comparative Development: An Empirical Investigation," NBER Working Papers 7771, National Bureau of Economic Research, Inc.
  2. Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2009. "Temperature and Income: Reconciling New Cross-Sectional and Panel Estimates," NBER Working Papers 14680, National Bureau of Economic Research, Inc.
  3. Robert J. Barro & Jong-Wha Lee, 2000. "International Data on Educational Attainment Updates and Implications," NBER Working Papers 7911, National Bureau of Economic Research, Inc.
  4. Nathan Nunn & Diego Puga, 2009. "Ruggedness: The Blessing of Bad Geography in Africa," NBER Working Papers 14918, National Bureau of Economic Research, Inc.
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  6. William A. Masters & Margaret S. McMillan, 2000. "Climate and Scale In Economic Growth," CID Working Papers 48, Center for International Development at Harvard University.
  7. 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.
  8. John Horowitz, 2009. "The Income–Temperature Relationship in a Cross-Section of Countries and its Implications for Predicting the Effects of Global Warming," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 44(4), pages 475-493, December.
  9. Oded Galor, 2009. "2008 Lawrence R. Klein Lecture –Comparative Economic Development: Insights from Unified Growth Theory," Working Papers 2009-10, Brown University, Department of Economics.
  10. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2002. "Institutions Rule: The Primacy of Institutions over Geography and Integration in Economic Development," NBER Working Papers 9305, National Bureau of Economic Research, Inc.
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  14. Jeffrey D. Sachs, 2001. "Tropical Underdevelopment," NBER Working Papers 8119, National Bureau of Economic Research, Inc.
  15. Nathan Nunn, 2009. "The Importance of History for Economic Development," NBER Working Papers 14899, National Bureau of Economic Research, Inc.
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Cited by:
  1. Fenske, James & Kala, Namrata, 2013. "Climate, ecosystem resilience and the slave trade," CEPR Discussion Papers 9449, C.E.P.R. Discussion Papers.

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