The Rising Cost of Climate Change: Evidence from the Bond Market

Social discount rates (SDRs) are crucial for evaluating the costs of climate change. We show that the fundamental anchor for market-based SDRs is the equilibrium or steady-state real interest rate. Empirical interest rate models that allow for shifts in this equilibrium real rate find that it has de...

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Veröffentlicht in:	The review of economics and statistics 2023-09, Vol.105 (5), p.1255-1270
Hauptverfasser:	Bauer, Michael D., Rudebusch, Glenn D.
Format:	Artikel
Sprache:	eng
Schlagworte:	Bond markets Climate change Climate policy Equilibrium Interest rates Mitigation
Online-Zugang:	Volltext
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