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Temperature and U.S. Economic Growth: Comment on Colacito, Hoffmann, and Phan

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  • David Barker

Abstract

A recent paper in the Journal of Money, Credit and Banking claims to show that higher temperatures decrease the rate of economic growth in the United States. The paper is authored by Riccardo Colacito, Bridget Hoffmann, and Toan Phan (CHP). I criticize CHP’s method on two fundamental counts. Once those failings are rectified, their results dissolve. Also, using data from Krishna Khatri and Robert Tamura containing estimates of total real annual state output, I find that the sign of the effect is reversed, indicating that higher temperatures increase economic growth, although this effect also fails tests of statistical significance.

Suggested Citation

  • David Barker, 2022. "Temperature and U.S. Economic Growth: Comment on Colacito, Hoffmann, and Phan," Econ Journal Watch, Econ Journal Watch, vol. 19(2), pages 176–189-1, September.
    • Handle: RePEc:ejw:journl:v:19:y:2022:i:2:p:176-189
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    More about this item

    Keywords

    climate change; global warming; economic growth;
    All these keywords.

    JEL classification:

    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
    • Q59 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Other
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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