Does Climate Change Affect Real Estate Prices? Only If You Believe in it

The Long Road to Adoption: How Long Does it Take to Adopt Updated County‐Level Flood Insurance Rate Maps?

“…We also assigned counties (or mapping jurisdictions in the cases of New York City and the Hampton Roads region, for example) a coastal dummy variable of “1” if they fell along the Atlantic, Gulf, or Pacific coasts according to NOAA (Strategic Environmental Assessment Division, ). These data, which includes socioeconomic characteristics, NFIP participation rates, political leanings, and scientific beliefs, were chosen because they have been discussed in prior literature or public debates as influencing flood mapping (Akbar & Aldrich, ; Bakkensen & Barrage, ; Baldauf, Garlappi, & Yannelis, ; Keller et al, ; Maantay & Maroko, ; Pralle , ; Sarmiento & Miller, ). Many of our variables serve as proxies for community size, wealth, and risk expertise, which we hypothesize, based on both academic literature and news articles on the topic, will influence the interest and ability of a community to contest flood maps.…”

Investor Rewards to Climate Responsibility: Evidence from the 2016 Climate Policy Shock

“…Second, the paper contributes to the fast-growing literature exploring the interconnections between climate change and financial markets. Recent studies in this area include Addoum, Ng, and Ortiz-Bobea (2019a,b), Andersson, Bolton, and Samama (2016), Baldauf, Garlappi, and Yannelis (2019), Bernstein, Gustafson, and Lewis (2019), Choi, Gao, and Jiang (2019), Hong, Li, and Xu (2019), and Ilhan, Sautner, and Vilkov (2019). Our paper complements this new strand of research by showing that investor rewards to climate-responsible firms strongly depend on the regulatory environment on climate change expected in the long run.…”

Epidemic Responses Under Uncertainty

“…We apply tools developed to the economic costs of climate change, given model uncertainty regarding the projected effects of climate change. Much research has focused on determining whether the impacts of climate change are temporary damages on the level of output, or more permanent damages on the growth rate of output (see Dell, Jones, and Olken (2012), Colacito, Hoffmann, and Phan (2018), Hsiang, Kopp, Jina, Rising, Delgado, Mohan, Rasmussen, Muir-Wood, Wilson, Oppenheimer, et al (2017), Baldauf, Garlappi, and Yannelis (2019) and Burke, Davis, and Diffenbaugh (2018) for examples focused on empirically estimating these different types of climate damages). Level effects can lead to very different choices by social planners in terms of choices about emissions and carbon mitigation in a climate economic setting compared to growth effects (see Hambel, Kraft, and Schwartz (2015) and Barnett, Brock, and Hansen (2020) for theoretical examples showing how these different types of damages can lead to very different social costs of carbon results).…”