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Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
Danmarks Nationalbank Working Papers No. 197
Verlag: 
Danmarks Nationalbank, Copenhagen
Zusammenfassung: 
News - anticipated changes of an economy's fundamentals - drive the business cycle. Climate change is big news: it will impact the economy profoundly, but its full effect will take time to materialize. To better understand the transmission of news, this paper focuses on climate-change expectations. First, we measure the expected economic impact of climate change in a representative survey of U.S. consumers. We find, in particular, that costly natural disasters are salient of climate change. Second, we calibrate a New Keynesian model with rare disasters to the survey results and find that shifts in climate-change expectations operate like adverse demand shocks.
Schlagwörter: 
Climate change
Disasters
Expectations
Survey
Monetary policy
Business Cycle
Natural rate of interest
JEL: 
E43
E52
E58
Dokumentart: 
Working Paper
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