Lecturer: Emanuele Campiglio (emanuele.campiglio@unibo.it)
Course structure: 5 lectures of 3 hours each. Lectures 1 and 2 are aimed at both Economics and Frontiers PhD students. Lectures 3 to 5 are only for Economics PhD students.
Course outline
Lecture 1. Setting the scene
Lecture 2. Climate economics
Lecture 3. The DICE model and its offspring
Lecture 4. Macroeconomic climate modelling
Lecture 5 Climate-related macro-financial risks
Selected references:
- Acemoglu, D., Aghion, P., Bursztyn, L., Hemous, D., 2012. The Environment and Directed Technical Change. American Economic Review 102, 131–166. https://doi.org/10.1257/aer.102.1.131
- Annicchiarico, B., Carattini, S., Fischer, C., Heutel, G., n.d. Business Cycles and Environmental Policy: A Primer. National Bureau of Economic Research. https://www.nber.org/books-and-chapters/environmental-and-energy-policy-and-economy-volume-3/business-cycles-and-environmental-policy-primer
- Cahen-Fourot, L., Campiglio, E., Godin, A., Kemp-Benedict, E., Trsek, S., 2021. Capital stranding cascades: the impact of decarbonisation on productive asset utilisation, https://doi.org/10.1016/j.eneco.2021.105581
- Cai, Y., Lontzek, T.S., 2018. The Social Cost of Carbon with Economic and Climate Risks. Journal of Political Economy 127, 2684–2734. https://doi.org/10.1086/701890
- Campiglio, E., van der Ploeg, R., 2021. Macro-Financial Transition Risks in the Fight Against Global Warming. https://doi.org/10.2139/ssrn.3862256
- Dafermos, Y., Nikolaidi, M., Galanis, G., 2018. Climate change, financial stability and monetary policy. Ecological Economics 152, 219–234. https://doi.org/10.1016/j.ecolecon.2018.05.011
- Golosov, M., Hassler, J., Krusell, P., Tsyvinski, A., 2014. Optimal Taxes on Fossil Fuel in General Equilibrium. Econometrica 82, 41–88. https://doi.org/10.3982/ECTA10217
- Lamperti, F., Bosetti, V., Roventini, A., Tavoni, M., 2019. The public costs of climate-induced financial instability. Nat. Clim. Chang. 9, 829–833. https://doi.org/10.1038/s41558-019-0607-5
- Mercure, J.-F., Knobloch, F., Pollitt, H., Paroussos, L., Scrieciu, S.S., Lewney, R., 2019. Modelling innovation and the macroeconomics of low-carbon transitions: theory, perspectives and practical use. Climate Policy 19, 1019–1037. https://doi.org/10.1080/14693062.2019.1617665
- Nordhaus, W.D., 2017. Revisiting the social cost of carbon. PNAS 114, 1518–1523. https://doi.org/10.1073/pnas.1609244114
- Semieniuk, G., Campiglio, E., Mercure, J.-F., Volz, U., Edwards, N.R., 2021. Low-carbon transition risks for finance. WIREs Climate Change 12, e678. https://doi.org/10.1002/wcc.678