Weather Shocks and Output in Low-Income Countries adaptation and the Role of Policies Sebastian Acevedo Mejia.
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TextSeries: IMF working paper ; WP/19/178.Publication details: Washington, D.C. International Monetary Fund, 2019Description: 1 online resource (34 pages)ISBN: 1513509853; 9781513509853; 1513511564; 9781513511566Subject(s): Economic development | Macroeconomics | Economic policy | Financial crises | Industrial productivity | Performance technology | Labor productivity | Développement économique | Macroéconomie | Politique économique | Productivité | economic development | Economic development | Economic policy | Financial crises | Industrial productivity | MacroeconomicsGenre/Form: EBSCO eBooks | Electronic books. DDC classification: 338.9 LOC classification: HD82Online resources: EBSCOhost Abstract: We explore the extent to which macroeconomic policies, structural policies, and institutions can mitigate the negative relationship between temperature shocks and output in countries with warm climates. Empirical evidence and simulations of a dynamic general equilibrium model reveal that good policies can help countries cope with negative weather shocks to some extent. However, none of the adaptive policies we consider can fully eliminate the large aggregate output losses that countries with hot climates experience due to rising temperatures. Only curbing greenhouse gas emissions-which would mitigate further global warming-could limit the adverse macroeconomic consequences of weather shocks in a long-lasting way.
We explore the extent to which macroeconomic policies, structural policies, and institutions can mitigate the negative relationship between temperature shocks and output in countries with warm climates. Empirical evidence and simulations of a dynamic general equilibrium model reveal that good policies can help countries cope with negative weather shocks to some extent. However, none of the adaptive policies we consider can fully eliminate the large aggregate output losses that countries with hot climates experience due to rising temperatures. Only curbing greenhouse gas emissions-which would mitigate further global warming-could limit the adverse macroeconomic consequences of weather shocks in a long-lasting way.
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