Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/260503 
Year of Publication: 
2021
Series/Report no.: 
Working Paper No. 933
Publisher: 
Queen Mary University of London, School of Economics and Finance, London
Abstract: 
Using a panel of 24 OECD countries for the sample 1990-2019 and a standard macroeconomic framework, the paper tests the combined macroeconomic effects of climate change, environmental policies and technology. Overall, we find evidence of significant macroeconomic effects over the business cycle: physical risks act as negative demand shocks while transition risks as downward supply movements. The disruptive effects on the economy are exacerbated for countries without carbon tax or with a high exposure to natural disasters. In general, results support the need for a uniform policy mix to counteract climate change with a balance between demand-pull and technology-push policies.
Subjects: 
Environmental policy
Environment-related technologies
Physicalrisks
Business cycle
SVAR
JEL: 
C11
C33
E32
E58
Q5
Document Type: 
Working Paper

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