How should economists model climate? Tipping points and nonlinear dynamics of carbon dioxide concentrations
Economists modeling climate policy face an array of choices when modeling climate change, including the role of uncertainty/ambiguity, irreversibility, and tipping points. After filtering out estimated cycles due to orbital climate forcing, we use a threshold quantile autoregressive model to characterize anomalies in atmospheric CO2 concentrations. We then test for local instability and tipping points, and we characterize the stationary distribution of anomalies. We find evidence of nonlinear dynamics, tipping points and a non-normal stationary distribution.
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Volume (Year): 132 (2016)
Issue (Month): PB ()
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- Koenker, Roger & Xiao, Zhijie, 2006. "Quantile Autoregression," Journal of the American Statistical Association, American Statistical Association, vol. 101, pages 980-990, September.
- Kelly, David L. & Kolstad, Charles D., 1999. "Bayesian learning, growth, and pollution," Journal of Economic Dynamics and Control, Elsevier, vol. 23(4), pages 491-518, February.
- Derek Lemoine & Christian Traeger, 2014. "Watch Your Step: Optimal Policy in a Tipping Climate," American Economic Journal: Economic Policy, American Economic Association, vol. 6(1), pages 137-166, February.
- Martin L. Weitzman, 2009.
"On Modeling and Interpreting the Economics of Catastrophic Climate Change,"
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MIT Press, vol. 91(1), pages 1-19, February.
- Weitzman, Martin L., 2009. "On Modeling and Interpreting the Economics of Catastrophic Climate Change," Scholarly Articles 3693423, Harvard University Department of Economics.
- Antonio F. Galvao Jr. & Gabriel Montes‐Rojas & Jose Olmo, 2011. "Threshold quantile autoregressive models," Journal of Time Series Analysis, Wiley Blackwell, vol. 32(3), pages 253-267, 05. Full references (including those not matched with items on IDEAS)
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