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Adaptation and the Cost of Rising Temperature for the U.S. Economy

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Abstract

How costly will rising temperature due to climate change be for the U.S. economy? Recent research has used the well-identified response of output to weather to estimate this cost. But agents may adapt to the new climate. We propose a methodology to infer adaptation technology from the heterogeneous responses of output to weather observed currently across the U.S. Our model estimates how much each region has adapted already, and can predict how much each will adapt further after climate change. The size and distribution of losses from climate change vary substantially once adaptation is taken into account.

Suggested Citation

  • , 2020. "Adaptation and the Cost of Rising Temperature for the U.S. Economy," Working Paper Series WP 2020-08, Federal Reserve Bank of Chicago.
  • Handle: RePEc:fip:fedhwp:87687
    DOI: 10.21033/wp-2020-08
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    Cited by:

    1. Liu, Bo & Hirsch, Barry, 2020. "Winter Weather and Work Hours: Heterogeneous Effects and Regional Adaptation," IZA Discussion Papers 13831, Institute of Labor Economics (IZA).

    More about this item

    Keywords

    Economic conditions; Income; Climate change;
    All these keywords.

    JEL classification:

    • P46 - Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty
    • 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 and their Management; Global Warming
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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