Temperature and Growth: A Panel Analysis of the United States

By R. Colacito, Bridget Hoffman, Toàn Phan. Journal of Money, Credit and Banking, 2016

227 citations recorded by the source corpus.

This paper documents that seasonal temperatures have significant and systematic effects on the U.S. economy, both at the aggregate level and across a wide crosssection of economic sectors. This effect is particularly strong for the summer: an increase of 1°F in the average summer temperature is associated with a reduction in the annual growth rate of state-level output of 0:15 to 0:25 percentage points. When these estimates are combined with projected increases in seasonal temperatures it is found that a reduction of U.S. economic growth by up to one third could occur over the next century.

Subfields: Economics and Econometrics, Renewable Energy, Sustainability and the Environment

View Paper: https://www.semanticscholar.org/paper/6186d2f1f614de8bf38fe93b2e5a713b445445a2

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In Economics and Econometrics

In Renewable Energy, Sustainability and the Environment

Citations in the corpus

Pricing Uncertainty Induced by Climate Change (2020, background): “11 While cross-country differences in the long-term impact of temperature on growth is likely to be pronounced, interestingly Colacito, Hoffmann, and Phan (2019) also find that seasonal differences are important in an advanced economy like that of the United States.”
Long-Term Macroeconomic Effects of Climate Change (2019, unknown): “Most studies in the literature provide evidence for the uneven macroeconomic e¤ects of climate change, with adverse short-term consequences in countries with hot climates, such as low-income countries; see, for instance, Sachs and Warner (1997), Jones and Olken (2010), and Dell et al. (2012). In oth”