dc.contributor.author |
Dietrich, Alexander M. |
|
dc.contributor.author |
Müller, Gernot J. |
|
dc.contributor.author |
Schoenle, Raphael S. |
|
dc.date.accessioned |
2023-03-27T16:01:08Z |
|
dc.date.available |
2023-03-27T16:01:08Z |
|
dc.date.issued |
2023-03-21 |
|
dc.identifier.uri |
http://hdl.handle.net/10900/138652 |
|
dc.identifier.uri |
http://nbn-resolving.de/urn:nbn:de:bsz:21-dspace-1386521 |
de_DE |
dc.identifier.uri |
http://dx.doi.org/10.15496/publikation-80003 |
|
dc.description.abstract |
News drive expectations about the economy’s future fundamentals. Climate change is big news: it will impact the economy profoundly but the effect will take some time to materialize in full. Climate-change expectations thus offer a unique opportunity to study the impact of news on the business cycle. We measure these expectations in a representative survey of US consumers. Respondents expect not much of an impact on GDP growth, but perceive a high probability of costly, rare disasters—suggesting they are salient of climate change. Furthermore, expectations vary systematically with socioeconomic characteristics, media consumption, various information treatments and over time. We calibrate a New Keynesian model with rare disasters to key results of the survey and find that shifts in climate change expectations operate like demand shocks and cause sizeable business cycle fluctuations. |
en |
dc.language.iso |
en |
de_DE |
dc.publisher |
Universität Tübingen |
de_DE |
dc.subject.classification |
Economics |
de_DE |
dc.subject.ddc |
330 |
de_DE |
dc.subject.other |
Climate change |
en |
dc.subject.other |
Disasters |
en |
dc.subject.other |
Expectations |
en |
dc.subject.other |
Survey |
en |
dc.subject.other |
Monetary policy |
en |
dc.subject.other |
Business Cycle |
en |
dc.subject.other |
Natural rate of interest |
en |
dc.title |
Big News: Climate Change and the Business Cycle |
en |
dc.type |
Article |
de_DE |
utue.publikation.fachbereich |
Wirtschaftswissenschaften |
de_DE |
utue.publikation.fakultaet |
6 Wirtschafts- und Sozialwissenschaftliche Fakultät |
de_DE |
utue.opus.portal |
utwpbusinesseco |
de_DE |
utue.publikation.noppn |
yes |
de_DE |