Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/282368 
Authors: 
Year of Publication: 
2023
Series/Report no.: 
CESifo Working Paper No. 10680
Publisher: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Abstract: 
This paper finds that global temperature anomalies are characterised by (temporary) explosiveness, a statistical feature typically found in financial and commodity market data during episodes of extreme price increases. This finding dramatically illustrates the extent temperature changes have already reached. This paper also finds that there are differences across hemispheres: while Northern hemispheric temperature anomalies are clearly found to be explosive, evidence is much weaker in Southern hemispheric data. This finding is attributable to the phenomenon of Arctic amplification. This paper complements recent studies in both climate econometrics and science which find that climate models seem to underestimate this phenomenon.
Subjects: 
global temperature anomalies
hemispheric temperature anomalies
explosiveness
climate change
JEL: 
C12
C22
Q54
Document Type: 
Working Paper
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