nep-res New Economics Papers
on Resource Economics
Issue of 2020‒09‒28
two papers chosen by
Maximo Rossi
Universidad de la República

  1. Conservation co-benefits from air pollution regulation By Liang, Yuanning; Rudik, Ivan; Zou, Eric; Johnston, Alison; Rodewald, Amanda; Kling, Catherine
  2. Climate change: policies to manage its macroeconomic and financial effects By Bernal-Ramirez, Joaquin; Ocampo, José Antonio

  1. By: Liang, Yuanning; Rudik, Ivan (Cornell University); Zou, Eric; Johnston, Alison; Rodewald, Amanda; Kling, Catherine
    Abstract: Massive wildlife losses over the past 50 years have brought new urgency to identifying both the drivers of population decline and potential solutions. We provide the first large-scale evidence that air pollution, specifically ozone, is associated with declines in bird abundance in the United States. We show that an air pollution regulation limiting ozone precursors emissions has delivered substantial benefits to bird conservation. Our results imply that air quality improvements over the past four decades have stemmed the decline in bird populations, averting the loss of 1.5 billion birds, approximately 20 percent of current totals. Our results highlight that in addition to protecting human health, air pollution regulations have previously unrecognized and unquantified conservation co-benefits.
    Date: 2020–07–04
  2. By: Bernal-Ramirez, Joaquin; Ocampo, José Antonio
    Abstract: It is increasingly recognized that climate change generates major macroeconomic and financial risks. There are physical risks associated to the disasters generated by hydrometeorological events and to gradual but persistent changes in temperatures that have structural impacts on economic activity, productivity and incomes. Additionally, the process of adjustment towards a lower-carbon economy, prompted by changes in climate-related policies, technological disruptions and changes in consumer preferences, generates transition risks. After a brief analysis of the macroeconomic, fiscal and tax policies to manage these risks, this paper concentrates on: (i) how financial policies can help improve transparency and climate-related risk disclosure in financial institutions’ balance sheets and assets prices,particularly with appropriate prudential regulation and supervision; and (ii) how those risks could be taken into account in monetary policy and central banks’ balance sheets and operations. The paper ends with some reflections on the Covid-19 pandemic and the will for a “green” recovery.
    Keywords: climate change; carbon tax; financial policy; monetary policy; central banks
    JEL: E50 G18 H23 Q54
    Date: 2020–09

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