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Climate Econometrics: Can the Panel Approach Account for Long‐Run Adaptation?

Author

Listed:
  • Pierre Mérel

    (UC Davis - University of California [Davis] - UC - University of California)

  • Matthew Gammans

    (Michigan State University [Traverse City] - Michigan State University System)

Abstract

The panel approach with fixed effects and nonlinear weather effects has become a popular method to uncover weather impacts on economic outcomes, but its ability to capture long-run climatic adaptation remains unclear. Building upon a framework proposed by McIntosh and Schlenker (2006), this paper identifies empirical conditions under which the nonlinear panel approach can approximate a long-run response to climate. When these conditions fail, the obtained relationship may still be interpretable as a weighted average of underlying short-run and long-run responses. We use this decomposition to revisit recently published climate impact estimates. For spatially large panels, the estimated temperature-outcome relationship mostly reflects the long-run climatic response; this is not so for precipitation. We find some evidence of long-run climatic adaptation for crop yield outcomes in the United States and France.

Suggested Citation

  • Pierre Mérel & Matthew Gammans, 2021. "Climate Econometrics: Can the Panel Approach Account for Long‐Run Adaptation?," Post-Print hal-03373435, HAL.
    • Handle: RePEc:hal:journl:hal-03373435
    DOI: 10.1111/ajae.12200
    as

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