Conference Agenda
Overview and details of the sessions of this conference. Please select a date or location to show only sessions at that day or location. Please select a single session for detailed view (with abstracts and downloads if available).
Please note that all times are shown in the time zone of the conference. The current conference time is: 24th Aug 2026, 01:49:04am WEST
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Daily Overview |
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Thematic Session: Understanding the Macroeconomic Implications of Large-Scale Climate Change Risk (Streaming) Location: B134 Session Chair: Karen Fisher-Vanden, Arizona State University | |
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Macroeconomic Impacts of Microeconomic Damages in General Equilibrium: Productivity and Capital Losses 1: Resources for the Future; 2: University of Maryland; 3: National Bureau of Economic Research The full economic costs and macroeconomic effects of microeconomic damages associated with pollution damages, climate impacts, and similar negative shocks are not well understood. Beyond the direct damages, market distortions, supply chains, changes in capital and labor costs, etc. can potentially magnify (or diminish) the costs of these shocks. In this paper, we use analytical and numerical general equilibrium models to investigate the channels through which microeconomic shocks affect the macroeconomy. We model different types of shocks, evaluate how anticipation affects the macroeconomic implications of shocks, and measure the overall welfare costs relative to the value of direct damages. We find that preexisting taxes magnify the overall welfare costs relative to direct damages, that savings and investment decisions driven by anticipations of certain types of shocks can interact with tax distortions to lower welfare costs, and that the ratio of welfare cost to direct damages varies substantially across sectors of the economy. | |