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Climatic Conditions and Productivity: An Impact Evaluation in Pre-industrial England

Author

Listed:
  • Stéphane Auray
  • Aurélien Eyquem
  • Frédéric Jouneau-Sion

Abstract

In this paper, we bridge economic data and climatic time series to assess the vulnerability of a pre-industrial economy to changes in climatic conditions. We propose an economic model to extract a measure of total productivity from English data (real wages and land rents) in the pre-industrial period. This measure of total productivity is then related to temperatures and precipitations. We find that lower (respectively higher) precipitations (resp. temperatures) enhance productivity. Furthermore, temperatures also have non-linear effects on productivity: large temperature variations lower productivity.We perform counterfactual exercises and quantify the effects of large increases in temperatures on productivity, GDP and welfare.

Suggested Citation

  • Stéphane Auray & Aurélien Eyquem & Frédéric Jouneau-Sion, 2016. "Climatic Conditions and Productivity: An Impact Evaluation in Pre-industrial England," Annals of Economics and Statistics, GENES, issue 121-122, pages 261-277.
    • Handle: RePEc:adr:anecst:y:2016:i:121-122:p:261-277
    DOI: 10.15609/annaeconstat2009.121-122.261
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    File URL: http://www.jstor.org/stable/10.15609/annaeconstat2009.121-122.261
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    References listed on IDEAS

    as
    1. Neumeyer, Pablo A. & Perri, Fabrizio, 2005. "Business cycles in emerging economies: the role of interest rates," Journal of Monetary Economics, Elsevier, vol. 52(2), pages 345-380, March.
    2. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    3. Hercowitz, Zvi & Sampson, Michael, 1991. "Output Growth, the Real Wage, and Employment Fluctuations," American Economic Review, American Economic Association, vol. 81(5), pages 1215-1237, December.
    4. Aguiar, Mark & Gopinath, Gita, 2007. "Emerging Market Business Cycles: The Cycle is the Trend," Scholarly Articles 11988098, Harvard University Department of Economics.
    5. Auray, Stéphane & Eyquem, Aurélien & Jouneau-Sion, Frédéric, 2014. "Wars and capital destruction," Journal of Economic Dynamics and Control, Elsevier, vol. 41(C), pages 224-240.
    6. Olivier Deschênes & Michael Greenstone, 2007. "The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather," American Economic Review, American Economic Association, vol. 97(1), pages 354-385, March.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Gallic, Ewen & Vermandel, Gauthier, 2017. "Weather Shocks, Climate Change and Business Cycles," MPRA Paper 81230, University Library of Munich, Germany.
    2. José L. Martínes-González, 2015. "Did Climate Change Influence English Agricultural Development? (1645-1740)," Working Papers 0075, European Historical Economics Society (EHES).

    More about this item

    Keywords

    Climatic Conditions; TFP Shocks; Real Wages; Real Rents.;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming

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