Proceedings of a Workshop
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This activity was supported by contracts between the National Academy of Sciences and Bezos Earth Fund, National Oceanic and Atmospheric Administration, National Science Foundation, Wallace Global Fund, and William and Flora Hewlett Foundation. Any opinions, findings, conclusions, or recommendations expressed in this publication do not necessarily reflect the views of any organization or agency that provided support for the project.
International Standard Book Number-13: 978-0-309-71467-9
International Standard Book Number-10: 0-309-71467-2
Digital Object Identifier: https://doi.org/10.17226/27447
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Suggested citation: National Academies of Sciences, Engineering, and Medicine. 2024. Incorporating Climate Change and Climate Policy into Macroeconomic Modeling: Proceedings of a Workshop. Washington, DC: The National Academies Press. https://doi.org/10.17226/27447.
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WORKSHOP PLANNING COMMITTEE ON MACROECONOMICS AND CLIMATE-RELATED RISKS AND OPPORTUNITIES
JAMES H. STOCK (Chair), Harvard University
SOLOMON HSIANG (Chair until April 10, 2023), University of California, Berkeley
RACHEL CLEETUS, Union of Concerned Scientists
ROBERT KOPP, Rutgers University
ADELE C. MORRIS, Federal Reserve Board
EMI NAKAMURA, University of California, Berkeley
Staff
BRIDGET MCGOVERN, Study Director
AMANDA PURCELL, Senior Program Officer
KATRINA HUI, Associate Program Officer
HANNAH STEWART, Associate Program Officer
ROB GREENWAY, Program Associate (until March 2024)
LINDSAY MOLLER, Senior Program Assistant
BOARD ON ATMOSPHERIC SCIENCES AND CLIMATE
MARY GLACKIN (Chair), Weather and Business Solutions (Retired)
JOSEPH ARVAI, Wrigley Institute for Environment & Sustainability
CYNDI ATHERTON, Heising-Simon Foundation
ELIZABETH BARNES, Colorado State University
BRAD R. COLMAN, American Meteorological Society
BART CROES, California Air Resources Board (Retired)
MINGHUI DIAO, San Jose State University
NEIL DONAHUE, Carnegie Mellon University
LESLEY-ANN DUPIGNY-GIROUX, University of Vermont
EFI FOUFOULA-GEORGIOU, University of California, Irvine
KEVIN GURNEY, Northern Arizona University
MARIA CARMEN LEMOS, University of Michigan
ANDREA LANG LOPEZ, University at Wisconsin–Madison
ZHANQING LI, University of Maryland
AMY MCGOVERN, NSF AI Institute for Research on Trustworthy AI in Weather, Climate, and Coastal Oceanography (AI2ES)
LINDA MEARNS, National Center for Atmospheric Research
JONATHAN PATZ, University at Wisconsin–Madison
KEVIN REED, Stony Brook University
JAMES MARSHALL SHEPHERD, University of Georgia
ARADHNA TRIPATI, University of California, Los Angeles
BERNEDETTE WOODS PLACKY, Climate Central
Staff
MAGGIE WALSER, Acting Director
APURVA DAVE, Senior Program Officer
APRIL MELVIN, Senior Program Officer
STEVEN STICHTER, Senior Program Officer
MORGAN DISBROW-MONZ, Program Officer
BRIDGET McGOVERN, Program Officer
ALEX REICH, Program Officer
RACHEL SILVERN, Program Officer
KATRINA HUI, Associate Program Officer
HUGH WALPOLE, Associate Program Officer
BARDIA MASSOUDKHAN, Senior Finance Business Partner
RITA GASKINS, Administrative Coordinator (until of March 2024)
ROB GREENWAY, Program Associate (until March 2024)
KYLE ALDRIDGE, Senior Program Assistant (until February 2024)
LINDSAY MOLLER, Senior Program Assistant
RACHEL SANCHEZ, Program Assistant (until December 2023)
Acknowledgments
This Proceedings of a Workshop on Incorporating Climate Change and Climate Policy intro Macroeconomic Modeling was reviewed in draft form by individuals chosen for their diverse perspectives and technical expertise. The purpose of this independent review is to provide candid and critical comments that will assist the National Academies of Sciences, Engineering, and Medicine in making each published proceedings as sound as possible and to ensure that it meets the institutional standards for quality, objectivity, evidence, and responsiveness to the charge. The review comments and draft manuscript remain confidential to protect the integrity of the process.
We thank the following individuals for their review of this proceedings:
Although the reviewers listed above provided many constructive comments and suggestions, they were not asked to endorse the content of the proceedings nor did they see the final draft before its release. The review of this proceedings was overseen by KENNETH GILLINGHAM, Yale University. He was responsible for making certain that an independent examination of this proceedings was carried out in accordance with standards of the National Academies and that all review comments were carefully considered. Responsibility for the final content rests entirely with the rapporteurs and the National Academies.
Contents
Background and Motivation for Workshop
2 FEDERAL MACROECONOMIC MODELING EXAMPLES
Computational General Equilibrium Models
4 ECONOMIC IMPACTS OF, DAMAGES FROM, AND RISKS OF CLIMATE CHANGE
5 PROJECTING ECONOMIC AND FINANCIAL IMPACTS OF A TRANSITION TO A LOW-GREENHOUSE GAS ECONOMY
Influence of Transition-Related Expectations on Policy Success
Evaluating The Inflation Reduction Act
6 PUBLIC AND FINANCIAL SECTOR CLIMATE RISKS AND RESPONSE AND THEIR MACROECONOMIC IMPLICATIONS
Insurance Markets and Belief Heterogeneity
Physical Climate Risk and Home Building and Buying Trends
Stress Pathways on Local Governance Financial Response to Climate Change
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