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The Long-Lived Effects of Historic Climate on the Wealth of Nations

  • Michael Vlassopoulos

    (University of Southampton)

  • Akos Valentinyi

    (Hungarian Central Bank)

  • John C. Bluedorn

    (University of Southampton)

Although a reduced-form approach allows us to recover robust, general patterns in the relationship, it does not allow us to resolve the exact mechanism by which historic temperature affects current incomes. To shed some light on the mechanism we build a simple model of growth of physical and human capital to investigate how much income difference a temperature shock can generate over 150 years. To calibrate the growth effect of temperature shocks we use result from Dell, Jones, and Olken (2008) who estimated the contemporaneous growth effect climate shocks on post 1950 data. The calibrated model generates roughly the same size of income difference over a period of 150 years what we estimated using historical temperature data.

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Paper provided by Society for Economic Dynamics in its series 2010 Meeting Papers with number 627.

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Date of creation: 2010
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Handle: RePEc:red:sed010:627
Contact details of provider: Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
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Web page: http://www.EconomicDynamics.org/society.htm
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  1. Barro, Robert J & Lee, Jong-Wha, 2001. "International Data on Educational Attainment: Updates and Implications," Oxford Economic Papers, Oxford University Press, vol. 53(3), pages 541-63, July.
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  3. Melissa Dell & Benjamin F. Jones & Benjamin A. Olken, 2009. "Temperature and Income: Reconciling New Cross-Sectional and Panel Estimates," NBER Working Papers 14680, National Bureau of Economic Research, Inc.
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  10. Nathan Nunn, 2009. "The Importance of History for Economic Development," NBER Working Papers 14899, National Bureau of Economic Research, Inc.
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