Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/198942 
Year of Publication: 
2019
Series/Report no.: 
CESifo Working Paper No. 7582
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
We investigate the impact of climate change on the macroeconomic performance of a small open economy. The setup is a new Keynesian dynamic stochastic general equilibrium model of a small open economy without monetary policy independence in which a climate module that interacts with the economy has been incorporated. The model is solved numerically using common parameter values, fiscal data and projections about temperature growth from the Greek economy. Our results, suggest that climate change implies a significant output loss and a dramatic deterioration of competitiveness.
Subjects: 
climate change
monetary policy
new Keynesian models
JEL: 
E50
E10
Q50
Document Type: 
Working Paper
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