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Long-Term Macroeconomic Effects of Climate Change: A Cross-Country Analysis
We study the long-term impact of climate change on economic activity across countries, using a stochastic growth model where labor productivity is affected by country-specific climate variables—defined as deviations of temperature and precipitation from their historical norms. Using a panel data set of 174 countries over the years 1960 to 2014, we find that per-capita real output growth is adversely affected by persistent changes in the temperature above or below its historical norm, but we do not obtain any statistically significant effects for changes in precipitation. Our counterfactual analysis suggests that a persistent increase in average global temperature by 0.04°C per year, in th...
Microeconomics in Context
• 5th edition has more content on inequality, wellbeing, international trade and the changing nature of work • Several chapters include discussion on the impacts of COVID-19 on inequality, labour markets, health and beyond • General updates, including new data, new exercises and discussion questions • Differs from other principles books on the market in its pluralist approach. It covers everything the student needs to know, whilst also placing issues in their historical, institutional, social, political, and ethical context. • Introduces students to different schools of thought in economics. Perspectives include neoclassical economics, Keynesian economics, ecological economics, institutional economics and feminist economics. • Logical building-block structure, providing student with a clear sequential approach to macroeconomic models. • Companion website with student study guide, PPT slides and teaching materials (including test bank)
Opening Up: Capital Flows and Financial Sector Dynamics in Low-Income Developing Countries
Over the past two decades, many low-income developing countries have substantially increased openness towards external financing and have received large capital inflows. Using bank-level micro data, this paper finds that capital inflows have been associated with financial deepening through increases in bank loans, deposits, and wholesale funding. Domestic banks increase loans more than foreign banks. There are only modest signs of a build-up in financial vulnerabilities. Causality is examined through an instrumental variable approach and an augmented inverse-probability weighting estimator. These approaches indicate only limited evidence for global push effects, pointing towards the importance of domestic pull factors.
Risk and Resilience in the Era of Climate Change
This book presents essential insights on the interaction between rising risks and raising the bar for resilience during the climate crisis. Its timeliness lies in applying important findings on risk and resilience to runaway climate change. When risk and resilience are brought together in the context of climate catastrophes, three key messages emerge. The first is that accounting for the root causes of these calamities, and not just their symptoms, is essential to slowing the spike in these events. It is therefore vital to link carbon emissions from human activity to the sharp rise in climate disasters globally. The second is that growth economics and policy must factor in the failure of gov...
Public Policy for Progressives
The purpose of this book is to offer those who identify with America’s democratic political left (broadly defined to include Democrats, Democratic Socialists, Greens, Libertarians, and even liberal Republicans) a guide to understanding how rigorous analysis can be applied in order to identify public policies that are both consistent with their values, and likely to actually work. The book argues the importance of reference to basic scientific principles (in particular, social science and economic principles) and factual evidence for people who identify with the political left, rather than them assuming automatic positions on issues. Foundational scientific principles such as general equili...
Coping with Climate Shocks: Food Security in a Spatial Framework
We develop a quantitative spatial general equilibrium model with heterogeneous house-holds and multiple locations to study households’ vulnerability to food insecurity from cli-mate shocks. In the model, households endogenously respond to negative climate shocks by drawing-down assets, importing food and temporarily migrating to earn additional income to ensure sufficient calories. Because these coping strategies are most effective when trade and migration costs are low, remote households are more vulnerable to climate shocks. Food insecure households are also more vulnerable, as their proximity to a subsistence requirement causes them to hold a smaller capital buffer and more aggressively...
Mitigating Climate Change: Growth-Friendly Policies to Achieve Net Zero Emissions by 2050
Background paper prepared for the October 2020 IMF World Economic Outlook. This paper provides a detailed presentation of the simulation results from the October 2020 IMF World Economic Outlook chapter 3 and an additional scenario with carbon pricing only for comparison with the comprehensive policy package where green investments were also included. This paper has greatly benefitted from continuous discussions with Oya Celasun and Benjamin Carton on the design of simulations; contributions from Philip Barrett for part of the simulations; and research support from Jaden Kim. We also received helpful comments from other IMF staff. All remaining errors are ours. McKibbin and Liu acknowledge financial support from the Australian Research Council Centre of Excellence in Population Ageing Research (CE170100005).
Refracted Modernity
Since the mid-1990s Taiwanese artists have been responsible for shaping much of the international contemporary art scene, yet studies on modern Taiwanese art published outside of Taiwan are scarce. The nine essays collected here present different perspectives on Taiwanese visual culture and landscape during the Japanese colonial period (1895–1945), focusing variously on travel writings, Western and Japanese/Oriental-style paintings, architecture, aboriginal material culture, and crafts. Issues addressed include the imagined Taiwan and the "discovery" of the Taiwanese landscape, which developed into the imperial ideology of nangoku (southern country); the problematic idea of "local color," ...
Kingdom of the Netherlands–the Netherlands
Kingdom of the Netherlands–the Netherlands: Selected Issues
