Friday, September 10, 2021

NBER Environmental and Energy

Just arrived.  Looks great. 

4th Annual NBER Environmental and Energy Policy and the Economy Conference - Call for Papers / Proposals

Dear Researchers,
We are seeking papers or proposals for the 4th annual NBER
conference/publication on Environmental and Energy Policy and the
Economy. We will accept six papers for presentation at what is
intended to be an in-person conference at the National Press Club in
Washington, D.C. on May 19, 2022. The audience will include the
professional staffs of government agencies, research institutions,
and NGOs focused on energy and environmental policy. The contributed
papers will then be published in an annual volume by the University
of Chicago Press.

Papers should be relevant to current policy debates and accessible to
a professional audience. While standalone projects are specifically
encouraged, we also welcome spinoff projects where authors intend to
later submit a more extensive or technical version to a journal, or
may have already done so. While no submission should be a duplicate
of another paper, alternate versions that put results into a more
general, policy-relevant context and summarize them in a more broadly
accessible way are encouraged. This is a great opportunity to
communicate research to the policy community.

Submissions should be either 2-3 page abstracts outlining the
intended contribution, or a complete paper this is not and will not
be submitted elsewhere. Submissions are due by midnight EDT on
October 22nd, 2021, and can be uploaded at;!!IBzWLUs!FbPwwUMJugIn66lvI45NGbEcwyb_5ML4BK2XNdvLrJEQ6VmCU858NILcaKp_vQ2CHE_G$

Submissions from researchers with and without NBER affiliations, and
from researchers who are from groups that have been historically
under-represented in the economics profession, are welcome. The
authors of each paper will share an $8,000 honorarium.

Decisions about accepted papers will be made by mid-November.
Complete drafts of papers will be due in early April 2022.

We look forward to hearing from you.

Matthew Kotchen
Tatyana Deryugina
James Stock

Global Inflation Database

Ayhan Kose and friends at the World Bank have a long history of producing useful products. This seems to be no exception. From his email:

We’ve released a new study, “One-Stop Source: A Global Database of Inflation,” that introduces a database with inflation series: (i) for a wide range of measures (headline, food, energy, and core consumer price inflation; producer price inflation; and gross domestic product deflator changes); (ii) at multiple frequencies (monthly, quarterly and annual) for an extended time period (1970-2021); and (iii) for a large number of (up to 196) countries. As it doubles the number of observations over the next-largest publicly available sources, the database constitutes a comprehensive, one-stop source for inflationYou can download the study and the database here:

Friday, August 27, 2021

Extreme Weather and the Macroeconomy

Check out the nice new paper here, by Hee Soo Kim, Christian Matthes, and Toan Phan.  Clever and nicely-controlled use of the Actuaries Climate Index (ACI) in an Auerbach-Gorodnichenko (AG, 2012) style smooth-transition VAR. Much bigger effects of extreme weather in more recent years! I look forward to learning/thinking more about assumptions embedded in the AG framework, and the role that they may play in conjunction with the new ACI data in producing the result.

Thursday, August 19, 2021

Interactive Climate Change Simulator

Check out En-ROADS.  Looks intuitive and easy to run, yet quite detailed.  Nice!  (Confusing name though.  What does it mean?)

Hsiang Chosen for National Climate Assessment

On August 18th, the U.S. Global Change Research Program announced that Climate Impact Lab Co-Director Solomon Hsiang will serve as chapter lead for the Economics chapter of the Fifth National Climate Assessment (NCA5). 

Chapter leads will be responsible for building diverse author teams and leading the development of chapter content. NCA5 is expected to be released in late 2023.

NCA5 is a very big deal, and Sol is the perfect choice.

Hsiang is the Chancellor's Professor of Public Policy and Director of the Global Policy Laboratory at the University of California, Berkeley. His research combines data with mathematical models to understand how society and the environment influence one another. In particular, he focuses on how policy can encourage economic development while managing the global climate. His research has been published in Nature, Science, and the Proceedings of the National Academy of Sciences.

Monday, August 16, 2021

Unconditional and Conditional Density Forecast Calibration

I have been reading a new paper by Tilman Gneiting and Johannes Resin (GR2021) -- deep and thought-provoking as always -- "Regression Diagnostics meets Forecast Evaluation:  Conditional Calibration, Reliability Diagrams, and Coefficient of Determination."

Their paper pushes in a variety of interesting ways toward aspects of conditional as opposed to merely unconditional (uniform probability transform, or PIT) density forecast calibration.    

That's largely what the iid part of the Diebold-Gunther-Tay (DGT 1998) result ("correct conditional calibration implies PIT ~ iid U(0,1)") is about, and DGT emphasize and illustrate that one needs to check not just the condition for correct unconditional calibration (PIT ~ U(0,1)), but rather the joint condition PIT ~ iid U(0,1).  

I want to understand more about the GR2021 results in their relation to the iid part of the DGT1998 PIT ~ iid U(0,1) result.      

Some relevant history and perspective are at

The GR2021 paper and code are at:;!!IBzWLUs!BtUAeIBxhkYOch-aPxSnALk9MfYczGKu4G37CXTTHnimafIb85ov4cY12xVEYhicRaVT$;!!IBzWLUs!BtUAeIBxhkYOch-aPxSnALk9MfYczGKu4G37CXTTHnimafIb85ov4cY12xVEYsNE2Kt1$

Climate change and financial risk

 Climate change and financial risk. The SF Fed's virtual seminars on climate economics

Thursday, July 22, 2021

Email subscriptions

My forecast here unfortunately comes true: FeedBurner is going away, so no more email subscriptions, starting soon, evidently in August.  Please follow the blog on Twitter (@FrancisDiebold), or directly at

See you soon, one way or another,


Friday, July 9, 2021

EC^2 2021: Econometrics of Climate

 EC^2 Conference 2021:  Econometrics of Climate, Energy, and Resources

Aarhus, Dec 10-11 2021

Conference web page here

Wednesday, July 7, 2021

Climate Change Research at the NBER Summer Institute

[Courtesy of Glenn Rudebusch at FRBSF.  Thanks Glenn!]

Starting next week, the NBER will host a variety of research workshops focused on different sub-fields in economics.  The issue of climate change cuts this summer's NBER Summer Institute. The list below collects presentations related to climate change from all of the various workshops. 

Fortunately, none of these presentations overlap with the July 15th VSCE.

Master Schedule of NBER SI research presentations related to climate change


Times are US EDT.  All presentations will be live streamed 

Monday, July 12

4:00 pm


How Unconventional is Green Monetary Policy? 

Melina Papoutsi, Columbia University

Monika Piazzesi, Stanford University and NBER

Martin Schneider, Stanford University and NBER

Wednesday, July 14

11:00 am


Banking on Carbon: Corporate Lending and Cap-and-Trade Policy  

Ivan T. IvanovFederal Reserve Board

Mathias KruttliFederal Reserve Board

Sumudu W. WatugalaCornell University

Discussant: Patrick BoltonColumbia University and NBER


11:45 am


The Rising Tide Lifts Some Interest Rates: Climate Change, Natural Disasters, and Loan Pricing  

Ricardo Correa, Federal Reserve Board

Ai He, University of South Carolina

Christoph Herpfer, Emory University

Ugur Lel, University of Georgia

Discussant: Victoria IvashinaHarvard University and NBER


12:45 pm


Roundtable on Risk Management of Climate Risk at Financial Institutions
John Cochrane, Hoover Institution and NBER
Robert Engle, New York University and NBER
Robert Litterman, Kepos Capital
Kevin Stiroh, Federal Reserve Board

Thursday, July 15

12:50 pm


Can Directed Innovation Mitigate Climate Damage? Evidence from US Agriculture  

Jacob Moscona, Massachusetts Institute of Technology

Karthik Sastry, Massachusetts Institute of Technology

Tuesday, July 20

3:20 pm


Panel discussion

What Would it Take for Innovation to Provide a Long-Run Solution to the Climate Change Challenge?
Severin Borenstein, University of California, Berkeley and NBER
Daron Acemoglu, Massachusetts Institute of Technology and NBER
Jason Bordoff, Columbia University
Cheryl Martin, Harwich Partners

Friday, July 23

12:30 pm


Panel: Climate Change and Household Finance
Adair Morse, University of California, Berkeley and US Dept of the Treasury
Harrison Hong, Columbia University and NBER
Esteban Rossi-Hansberg, University of Chicago and NBER
Johannes Stroebel, New York University and NBER

Monday, July 26

11:50 am

Coordination and Commitment in International Climate Action: Evidence from Palm Oil 

Allan J. HsiaoMassachusetts Institute of Technology




Holding Up Green Energy 

Nicholas Ryan, Yale University and NBER


1:00 pm


Incentivizing Negative Emissions Through Carbon Shares  

Derek LemoineUniversity of Arizona and NBER

Discussant:  Stephie Fried, Federal Reserve Bank of San Francisco


1:45 pm


Overlapping Climate Policies  

Grischa PerinoUniversity of Hamburg

Robert A. RitzUniversity of Cambridge

Arthur A. van BenthemUniversity of Pennsylvania and NBER

Discussant: Meredith Fowlie, University of California, Berkeley and NBER

Tuesday, July 27

10:30 am


Economic impacts of tipping points in the climate system 

Simon DietzLondon School of Economics

James RisingUniversity of Delaware

Thomas StoerkLondon School of Economics

Gernot WagnerNew York University

Discussant: William D. Nordhaus, Yale University and NBER


11:15 am


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

Michael D. BauerUniversit├Ąt Hamburg

Glenn RudebuschFederal Reserve Bank of San Francisco

Discussant: James H. Stock, Harvard University and NBER


1:30 pm


Can Directed Innovation Mitigate Climate Damage? Evidence from US Agriculture 

Jacob MosconaMassachusetts Institute of Technology

Karthik SastryMassachusetts Institute of Technology


1:45 pm


Adaptation to Natural Disasters by Better Information: Evidence from the Home Seller Disclosure Requirement 

Seunghoon LeeUniversity of Chicago


1:50 pm


The Food Problem and the Aggregate Productivity Consequences of Climate Change 

Ishan B. Nath, Federal Reserve Bank of San Francisco


1:55 pm


To Beef or Not To Beef: Trade, Meat, and the Environment 

Dora Zs. SimonUniversity of Zurich


2:00 pm


Coordination and Commitment in International Climate Action: Evidence from Palm Oil 

Allan J. HsiaoMassachusetts Institute of Technology


2:05 pm


Eco-Certification: Warm Glow or Cold Prickle? 

Klaas van 't VeldUniversity of Wyoming


2:10 pm


Cool Cities: The Value of Urban Trees 

Lu HanUniversity of Toronto

Stephan HeblichUniversity of Toronto

Christopher TimminsDuke University and NBER

Yanos ZylberbergUniveristy of Bristol


2:20 pm


Partisan Residential Sorting on Climate Risk 

Asaf BernsteinUniversity of Colorado at Boulder and NBER

Stephen B. BillingsUniversity of Colorado

Matthew GustafsonPenn State University

Ryan LewisUniversity of Colorado at Boulder


Thursday, July 29


10:30 am


Neglected No More: Housing Markets, Mortgage Lending, and Sea Level Rise 

Benjamin J. KeysUniversity of Pennsylvania and NBER

Philip MulderUniversity of Pennsylvania

Friday, July 30

1:00 pm

The Economic Geography of Global Warming 

Jose Luis Cruz AlvarezPrinceton University

Esteban Rossi-HansbergUniversity of Chicago and NBER


2:10 pm

The Local Economic Impact of Natural Disasters 

Brigitte Roth TranFederal Reserve Bank of San Francisco

Daniel WilsonFederal Reserve Bank of San Francisco